Sector Atlas 2024: the outpriced, the outcasts and the outliers

Executive Summary

• Heavy political agenda to test global economic resilience once more. 
• Corporate earnings towards a recovery? 
• Looking closer into sectors, we identify 3 main clusters: (i) sectors facing weaker demand and lower pricing power, (ii) sectors facing supply chain and geopolitical challenges and (iii) industries with stable or improving outlook. 
• Given this context, the majority of our sector ratings fall into the ‘Medium’ or ‘Sensitive’ risk categories.