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Flash: European market outlook suggests uneven performance – Goldman Sachs

FXstreet.com (Barcelona) - In light of recent European rates and sectoral performance, “We downgrade food and beverages to an underweight (from neutral) and personal and household goods to a neutral.”

Moreover, “we remain overweight luxury goods as a sub sector, given more attractive valuations and more sensitivity to an improvement in global growth, especially in China. We initiate a recommendation to be long FTSE 100 versus the SMI on a currency hedged basis.” The team notes.

The Swiss market is expensive – on almost a peak premium versus the FTSE 100. And moreover we see the UK as more geared to an improvement in the global cycle and less vulnerable to a relative sell-off in consumer staples. The UK should also benefit from continued supportive monetary policy, which is already showing signs of helping boost the housing market.

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