European Materials

This report provides an update on the European Materials Equity Preference list, maintaining a neutral stance on the sector while advocating for a selective, stock-picking approach. It favors specialty chemicals and metals tied to electrification, such as copper and aluminum, over broad cyclical chemical exposure.

Key Takeaways

• 1.Sector view remains neutral with a focus on selective, company-specific opportunities rather than broad directional bets.
• 2.Chemicals sector outlook is shifting toward specialty and ingredients companies, rotating away from cyclicals and upstream names.
• 3.Metals and mining preference for copper and aluminum, driven by the electrification trend and restricted supply.

Table of Contents

• Equity preferences
• Positioning and key trends
• Chemicals outlook
• Metals and mining outlook
• Construction materials outlook
• Equity selection

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