sentix ASR Essentials (English)

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Commodities sentiment setback a risk for EM Equities

Investor sentiment towards emerging market (EM) equities remains closely linked with views on commodities. It is notable then that optimism on commodities as a grouping has been tempered in the past month, even as EM sentiment has headed higher. The latest survey highlights a large and growing divergence of opinions on two key commodity markets, with investors’ medium-term strategic bias on Crude Oil becoming ever-more negative, while Gold readings have resumed their upward path. This caution on crude appears to be dampening sentiment towards commodities as an asset class. Based on past experience, the risk is that continued caution on commodities proves a drag on EM equity sentiment. See Charts 2-4, p2.

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