Global Strategy - Equity View - Mark Braley.    Below are our European “Fresh Money Ideas”. We have asked each team for theirstrongest investment ideas over the next 12 months. This list will be refreshed atthe beginning of each calendar quarter. In this report, each idea is summarizedand grouped together by sector (SELLs in RED): Consumer: AB Foods, BAT,BovisHomes, B&M, H&M, Imperial Brands, Ocado, Tesco - Financials: AXA, CreditSuisse Group, Deutsche Wohnen, Prudential Healthcare: AstraZeneca, Coloplast,Shire Energy, Materials & Industrials: ArcelorMittal, BP, Centrica, Covestro, GKN,HeidelbergCement, Linde, Renault, Rio Tinto, RWE - Business Services, Leisure& Transport: AccorHotels, ADP, Cineworld, Deutsche Post, IAG - TMT: Aixtron,Informa, Micro Focus, Telefonica, Telia, TF1.    Europe Strategy - European Equity Strategy - Sebastian Raedler.    We downgrade energy from overweight to benchmark: we upgraded the sectorto overweight at the end of May (see our sector allocation, May 2017), onexpectations of a rebound in the oil price on the back of USD weakness. Over thepast three months, the sector has outperformed by 6%, driven by a 18% rise in oil,making it one of the best performing European sectors over the period. However,the sector’s price relative now fully reflects the current level of the oil price,which in turn has already risen to the level implied by the USD. Our commoditystrategist expects oil to stay roughly at current levels by year-end, at 55$/bbl. Asa consequence, we downgrade energy from overweight to benchmark.    Credit Strategy - Early Morning Reid - Jim Reid.    So in order to keep your attention (if it’s not been lost already) here is what youneed to know today in as few words as possible. “S&P new record, Spanish assetsslump, core bond yields down then up (US ISM 12yr high), UK PM May has badcold, spluttered, faced a stage invasion and suffered bits falling off the stage forher big speech, Tillerson staying, hurricanes weakened ADP, Puerto Rico debtplunges with ECB minutes and US durables due today".

声明：如本站内容不慎侵犯了您的权益，请联系邮箱：wangshiyuan@epins.cn 我们将迅速删除。