When we look at the survey responses globally, our analysts are constructive on performance over the next 6-12 months along with current valuations and the state of demand but have a negative view on the US policy backdrop.
- Regionally, performance outlooks tilt constructive across all regions – strongest in Canada and Australia and stronger for the US than Europe.
- On valuations, views tilt constructive across regions and are the most constructive for Canada.
- On the US policy backdrop, across all regions, most sectors had negative tilts, with the most extreme, negative views for Staples and Health Care. Communication Services and Financials had constructive tilts while Energy and Utilities were neutral/mixed.
- Top US policy issues in focus were tariffs and trade, followed by deregulation.
