ING cuts European technology, telecoms and media sectors

May 5 (Reuters) - ING downgraded the European technology, healthcare, telecommunications and media sectors to "neutral" from "overweight", while it upgraded the oil and gas and chemicals sectors to "neutral" from "underweight".

In its note on the European equity strategy, the brokerage said it expected a strong second-quarter and third-quarter performance from European equities, but added that profit-taking is not expected to set in until the fourth-quarter.

ING said standout performnce so far this year was from the chemicals sector, but added that it remained nervous of earnings downgrades in the construction, autos, technology and industrials sectors, going forward. (Reporting by Ramya Dilip in Bangalore; Editing by Bernard Orr)