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Some weakness in the markets this morning, though this is normal after the strong run we have seen in equity markets. Having said that equity markets continue to look attractive and if there are no unexpected negative events taking place before the end of the year, we see further upside in the markets as we close off 2013.
Deutsche Post – some weakness here after Bank of America cut the stock from a BUY to a NEUTRAL rating. We see the weakness in the share price as an opportunity to pick up stock as Deutsche Post remains one of our favourite European stocks at the moment.
Lufthansa – price keeps on coming up nicely. After Emirates and EasyJet both reported better than expected results, investors started to price in better reporting figures for the Group. We remain NEUTRAL on the name keeping in mind the SCORE program, the economic situation of the Eurozone, the strength of the Euro and competition in Europe.
Autos continue to do well especially after the data on European car sales for October. We continue to like BMW and exposure to the sector via the ishares stoxx 600 autmobiles.
With respect to the market in general we remain overweight the DAX and FTSE100 for those wanting exposure to the market in general.
Bottom line – stay invested in equities we see further upside from these levels.
Good day and happy trading!
Kristian Camenzuli
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