Investment confidence stores, but the recovery is not yet convincing. This is apparent from the Saxo poll for May. After the dive in March, the sentiment climbs from -0.2 to +1.9, and is back in the Plus for the first time since January. Investors leave the shock behind, but stay on their guard – especially when it comes to the United States.
“The political situation in the US has been influencing sentiment for months,” says Hans Oudshoorn, investor trainer at Saxo. “It is erratic, unpredictable and is closely monitored worldwide.” According to him, the fall of the Dutch cabinet, on the other hand, has little impact. “The Netherlands plays a small role in international portfolios. For most investors, the major international themes, rates, remain the first.”
The AEX is again the benefit of the doubt, while trust in the S&P 500 is lagging behind. The political unrest in the US and fear of economic headwinds push investors to Europe. Only 3% still want to stab in US shares, while more than half want to reduce.
Tech and industry steal the show. Technology is seen en masse as a promising, with industry back in the top 5 favorite sectors. On the share side, investors remain faithful to established names such as ASML, Shell and ING – trusted anchors in uncertain times.