Buying signal for German stocks

Written by Sebastian Wanke | 04 May 2015
Posted in Special research

Sentiment for German equities has deteriorated markedly. Currently it is as low as it last was at the beginning of October 2014. But investors’ basic conviction for the asset class increases and now stands close to its record high. As a result, the sentix Time Differential Index sends a clear buying signal!

sentix Investmentmeinung 18-2015

Written by Manfred Hübner | 04 May 2015
Posted in sentix Weekly

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"Hoffen" bei Aktien, "beten" bei Bonds

Die Vorwoche hat so manchen Anleger in Aktien erschreckt. Das sentix-Sentiment ist nach den deutlichen Kursverlusten weiter eingebrochen und notiert nun auf dem niedrigsten Stand des Jahres! Gleichzeitig zeigen sich die Anleger auf mittlere Sicht aber keineswegs geschockt, im Gegenteil: Vor allem die Profis nehmen ihren Strategischen Bias sogar weiter nach oben. All dies vollzieht sich vor dem Hintergrund einer heftigen Bondmarktkorrektur, die sentix-Leser kaum überraschen wird – und die wohl noch nicht beendet ist! An den Währungsmärkten dagegen steht durchaus eine Zäsur an, der US-Dollar könnte mit erneuter Stärke (!) glänzen.

Geänderte Einschätzungen: EUR-USD

Klicken Sie hier für die aktuelle Investmentmeinung (sentix Registrierung erforderlich)

Eastern Europe helps Austria

Written by Sebastian Wanke | 04 May 2015
Posted in sentix Economic News

In a particularly remarkable way the composite index for Austria rises this month. It signals that after a long peri-od of weakness a recovery has returned to the country. An important reason for this should be the relaxation of the tensions in Ukraine. Austria benefits strongly from economic improvements in Eastern Europe as it has firm ties with the region. Apart from this, the upturn in the euro area stabilises. And while the assessment of the current US situation weakens, 6-month expectations for the United States are back on the rise!

sentix ASR Essentials 18-2015

Written by Patrick Hussy | 03 May 2015
Posted in sentix Weekly

Time differential positive for German equities

The latest survey highlights a notable divergence of opinion on German equities. On one hand, investor pessimism on the near-term outlook for the DAX has sharply increased. On the other, participants’ views on the medium-term strategic value of German equities are running at relatively elevated levels. The net result has been a marked decline in the sentix Time Differential Index – which measures the difference between near and medium-term readings – to levels last seen in August 2014 and September 2013 (see Chart 2, page 2). This is notable given the sentix team views weak short-term sentiment set against a still healthy medium-term perception of value in an asset among market participants as a positive development.

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Bond investors forced into ultra-long maturities

Written by Sebastian Wanke | 27 April 2015
Posted in Special research

As yields approach the zero line for 10-year bunds investors are looking for ever longer maturities. This is the bottom-line from last weekend’s sentix survey on investors’ duration preferences. Their bias for German government bonds with a maturity of more than ten years is currently as strong as never before.