Dagelijkse update over de markten vanuit KBL European Private Bankers (Engels)

InsingerGilissen, 05 SEP 2019

There’s a re-rating going on in European equity markets. It is a recent phenomenon, but go back in time merely 2 weeks and see how cyclical sectors were boosting the bourses. Materials, cars & auto parts, financial services, industrial goods and construction are the five top sectors regarding performance.

Lagging the movement has been real estate, a sector which had been benefiting from falling bond yields before. Share price increases for these cyclicals have easily been between 3 and 6%. Obviously, defensive quality stocks are the champions year-to-date, but the large gap between them and cyclical/value stocks has widened to extremes. The question of course is whether the bombed-out sectors, which are enjoying a bit of a revival, have much more upside from here.

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