sentix ASR Essentials 04-2015

Written by Patrick Hussy | 25 January 2015
Posted in sentix Weekly

Near-term optimism on DAX and ESTOXX hits the heights

Last week’s ECB announcement appears to have bolstered already high optimism towards European equity indices such as the DAX and EuroSTOXX. The latest sentix survey indicates that near-term sentiment towards both indices is now not far from historic highs (see Chart 2, page 2), while readings based on participants’ mediumterm strategic bias are also heading ever-higher. Indeed, monthly questions covering investors’ positioning also indicate there has been a sharp increase in overinvestment in equities versus the longer-term average level. In short, optimism on eurozone equities has reached the high-end of the historic range, with Sentix Neutrality indicators suggesting there is also little uncertainty among survey respondents on the near and medium-term outlook.

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Dividend is the new interest

Written by Sebastian Wanke | 19 January 2015
Posted in Special research

While interest rates continue their fall, the trend that investors buy stocks because of their dividend payments is getting stronger. In January, the sentix index which measures these investor preferences reaches a new extreme. Dividends thus become in an increasingly pronounced manner a substitute for interest rates.

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sentix ASR Essentials 03-2015

Written by Patrick Hussy | 18 January 2015
Posted in sentix Weekly

Commodities and Emerging Markets Sentiment still closely linked

The latest sentix survey indicates that while investors remain upbeat on the Chinese equity market, they remain cautious on the medium-term outlook for Emerging Equity Markets as an asset class. This chimes with their pessimism on Commodities, though survey respondents are less downbeat than they were in Q4 last year. Indeed, this is also evident in weekly survey readings on Crude and Gold, which continue to indicate a marked improvement in participants' medium-term strategic bias for both markets. A notable development, given sentiment towards Commodities and Emerging Markets remains closely linked (see Chart 3, page 2).

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Investors extremely pessimistic for energy shares

Written by Sebastian Wanke | 12 January 2015
Posted in Special research

While the feebleness of oil prices continues, sentix Sector Sentiment for European energy shares falls again to an all-time low. Taken face value, this is a positive sign for the future performance of the sector's stocks. But it does not look as if energy shares could reach more than a temporary stabilisation in the coming weeks – their current price behaviour is just too weak.

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sentix ASR Essentials 02-2015

Written by Manfred Hübner | 11 January 2015
Posted in sentix Weekly

Energy remains deeply unloved

The latest sentix survey underlines that investors’ views on sectors have begun to shift in recent months. On one hand, optimism on Healthcare has become less extreme, while the past month saw a reversal in survey readings on Retail, Food & Beverage and Media versus the market. On the other, survey participants have become less cautious on the six month outlook for Cyclical sectors such as Industrial Goods & Services, Autos and Chemicals. Indeed, pessimism on Basic Resources has also become less marked in the past month. However, as yet there are no signs of a change of heart towards Energy. While investors have become increasingly optimistic on the medium-term outlook for Crude Oil, pessimism remains the dominant survey theme on the Energy sector relative (see Charts 2 to 4, page 2).

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