Drivers of the European equity market are becoming increasingly mixed, UBS strategists noted on Thursday.
At the industry group level, there is evidence of cyclical and value stocks, such as energy, banks, and materials, witnessing an overshoot, although these stocks were initially valued at recessionary levels. Citing scores from their Relative Equity Valuation System framework, UBS analysts now favor sectors such as utilities, transportation, media, construction materials, energy, real estate, and pharmaceuticals.
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