sentix ASR Essentials 17-2014

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Caution fails to curb commodity-related Sector revival

The latest sentix survey indicates that investors remain highly upbeat on the medium-term outlook for Eurozone bonds and pessimistic on the EuroSTOXX. Indeed, this caution is finding echoes in their equity sector views. Additional monthly survey questions revealed improving sentiment towards defensive sectors such as Healthcare and Food & Beverages, set against deteriorating sentiment towards Financials and cyclicals such as Autos, Construction and Industrials (see Chart 2, page 2). However, while sentiment has tilted onto a more defensive bias, it appears that not all cyclical sectors are the same in sentiment terms. As yet, the revival in sentiment towards sectors such as Energy and Basic Resources, which had been prey to deep pessimism in early-2014, remains on track. Heightened caution

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