Bouncing Tech and India, Europe and Gold Slide [Sector Edition]

What’s Hot

• After a sharp fall following the election, India has rapidly made up lost ground…
• …but don’t overlook the valuation issue highlighted in this recent Friday Note.
• Tech and North America have been driven up by Nvidia (again).  Take care.
• The move in the two Asian sectors will catch the eye of investors taking a longer view…
• …undemanding valuations, lower interest rates, a raft of reforms to release shareholder value.  What’s not to like?

What’s Not

• Commodities is the notable sector faller…
• …but valuations remain very attractive.
• All three European sectors have suffered post-EU elections…
• …rate cuts are needed to trigger a bounce, though France is a wild card.
• UK Smallers are down a touch, but nothing terrible…
• …they look excellent value.  Response to the UK election will be interesting.

What’s Hot

What’s Not