Investor Sentiment Turning Cautious
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Orsted may pay dividend again after several years
Orsted, the Danish renewable energy utility, recently published its Q2 earnings report, which showed mixed results. The company exceeded analysts’ expectations in terms of both revenue and EBITDA, but fell short of net income estimates. Nonetheless, project developments are on track, and the company’s liquidity position remains adequate. In light of the results, management maintains its 2026 guidance, and announced dividend payment plans for 2027. Overall, Orsted keeps making good progress, so we are keeping the stock on our Equity Top Pick List.
Commodities - Technical Analysis
Gold and silver have broken their downtrends, triggering upward waves that still hold potential for further gains. After a strong retest, the oil price may settle into a range, but there are still opportunities for further gains. Natural gas prices did not reach a new low, but no pattern indicating a reversal has yet emerged. Copper is maintaining its upward trend; it must rise again within the next few days, or the rally could break down. Wheat and corn are also beginning to turn upward again from key support levels after strong retests.
Over 30 senior financial professionals, active in CEE markets and managing more than EUR 6.5 billion in assets under direct control, participated in our Institutional Investor Survey. Here, we highlight the most notable insights.
Investor positioning turns meaningfully more cautious across asset classes. Risk appetite has dropped sharply: the share of investors taking above-benchmark risk fell from 33% to 20%, while low-risk allocations doubled to 30%, pointing to a clear shift toward capital preservation amid geopolitical escalation.
CEE equity sentiment cools with BUX and CETOP both face a regional risk repricing. BUX optimism collapsed (bullish: 42% › 23%), while CETOP also re-rated lower as its prior valuation discount normalized back to pre-war levels. Rising geopolitical uncertainty — including declining expectations for a near-term Russia–Ukraine peace — is driving a more measured regional outlook.
FX visibility collapses, while HUF becomes both top potential outperformer and underperformer. EUR/HUF’s return to 390–395 and higher oil-driven vulnerability increased dispersion dramatically. HUF and PLN are now tied as expected outperformers (both 30%), but HUF is simultaneously viewed as the most likely underperformer — signaling exceptionally high uncertainty and volatility expectations.
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