sentix ASR Essentials 41-2017


Retail sentiment slides towards 2008 relative lows

The latest sentix survey provides an insight into investors’ opinion on European markets and sectors as we move into Q4. At a market level, investors’ medium-term strategic bias on equities continues to show signs of moving onto a less positive path. However, at a sector sentiment level there is little sign of heightened risk aversion, with sentiment on defensives such as Healthcare and Food & Beverage weakening over the past month, while high optimism on Technology and Industrials has headed even higher. On the other side of the sentiment divide a couple of sectors stand. Media readings edged higher over the month, but pessimism is still near 10Y extremes, while relative pessimism on Retail is nearing the extremes reached in 2008. A lot of pessimism is baked into both sectors versus the market at current levels. See pages 2 and 3 for charts.

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