sentix ASR Essentials 24-2014

Written by Patrick Hussy | 06 July 2014
Posted in sentix Weekly

Macro moves seen as less Bond-supportive

The latest Sentix survey underlines the ongoing improvement in sentiment towards equity markets (see Page 3), set against a less upbeat view on European bonds. While the past week has seen medium-term sentiment readings for Bunds tick a little higher, they remain well down from their May high-point, even as Bund prices have remained firm. This caution chimes with other readings that also indicate that survey participants view economic developments and inflation as having become less bond-supportive in the medium-term (Charts 2 and 3, page 2). Investors' caution on European Bonds may in part be reflecting changing opinion on the macro backdrop, and its implications for Bonds.

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EBI recedes despite fading economic optimism

Written by Sebastian Wanke | 30 June 2014
Posted in sentix Euro Break-up Index News

The sentix Euro Break-up Index (EBI) falls for a sixth straight month. In June, it decreases from 9.0% to 8.5%. Over the last two years investors have never been so optimistic regarding the euro's future. But at the same time investors' economic expectations have been weakening recently. And a slowdown in economic activity could well lead to renewed fears concerning a euro break-up. This possibility is obviously ruled out by investors at the current juncture.

sentix ASR Essentials 26-2014

Written by Manfred Hübner | 30 June 2014
Posted in sentix Weekly

Investors are polls apart on Equities compared to Bonds

The latest sentix survey points to a widening gap between investor opinion on equities and bonds. In the case of sentiment towards the near-term prospects for both assets, survey readings are running at relatively neutral levels. However, a gap is emerging in terms of medium-term expectations, which tend to not only be driven by price and emotions, but also by valuation. While survey respondents are becoming more upbeat about the six month outlook for global equity indices (see Charts 2 and 6), sentiment towards bonds is weakening (Chart 3). Even as Bund futures test two year highs, investor caution is growing towards their prospects in the medium-term.

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Sentiment for European insurance stocks marks all-time low

Written by Sebastian Wanke | 23 June 2014
Posted in Special research

About two weeks after the latest ECB's rate cut sentix Sector Sentiment for insurance stocks falls more strongly than for any other sector in June. It has now reached an all-time low. At the same time, insurance stocks as a whole do not show any pronounced relative weakness. That makes them currently look like an opportunity.

sentix ASR Essentials 22-2014

Written by Manfred Hübner | 22 June 2014
Posted in sentix Weekly

Due to travelling, this week we publish no English commentary. Please check the sentix charts for yourself or read our German research.

Click here for the German commentary (sentix registration necessary)
Click here to access the sentix charts