sentix ASR Essentials 40-2016

Written by Patrick Hussy | 09 October 2016
Posted in sentix Weekly

Bunds sentiment bashed by improving macro expectations

The latest sentix survey underlines the continued interplay between macro and bond market expectations. In the case of the Eurozone (EZ), the sentix Economic Expectations Index has further improved, rising from +6.8 to +10.8 in October – its highest level since December 2015. At a market level, economics has become a modestly bearish theme for eurozone bonds, while the ‘themes’ indices also point to a notable pick-up in inflation expectations. All of which chimes with the growing near-term pessimism on Bunds, which is now running at twelve month extremes. It may also help explain investors’ increasingly negative medium-term strategic bias on Bunds. It suggests that macro still matters for bonds. See Page 2 for charts.

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The turning of the tide

Written by Manfred Hübner | 09 October 2016
Posted in sentix Economic News

The October 2016 survey marks an important shift in the sentix indices data. In general, the moderate recovery path of the global economy continues. The economic momentum for the German, Chinese and the Latin American economy certainly marks a bright spot on the global landscape. Although the economic momentum is less dynamic for the euro area, investors remain confident. Besides short-term changes, the sentix Investment Theme Indices reveal significant developments in investors’ long-term perceptions on the global economy.

OPEC boosts investor sentiment

Written by Julien Mueller | 04 October 2016
Posted in Special research

After OPEC announces production cuts, sentiment among oil market participants spikes and hits a bullish level not seen in more than two years. At the same time, investors’ confidence in higher crude prices solidifies. Both signals combined yield higher crude prices in the coming months, based on past studies.

sentix Investmentmeinung 39-2016

Written by Manfred Hübner | 03 October 2016
Posted in sentix Weekly

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Feiertagsruhe

Wir wünschen allen unseren Lesern einen schönen und erholsamen Tag der Deutschen Einheit. Portfolioänderungen gibt es heute keine. Wir werfen deshalb einen Blick auf die Wertentwicklung unseres Empfehlungs-Portfolios und aus welchen Assetklassen in diesem Jahr bislang die besten Ideen kamen.

Geänderte Einschätzungen: Keine

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

sentix ASR Essentials 39-2016

Written by Patrick Hussy | 02 October 2016
Posted in sentix Weekly

Optimism burning brightly on Oil post-OPEC

Last week provided a couple of notable sentiment twists. On the equity front, nearterm sentiment on eurozone equities was undermined by heightened concerns over Deutsche Bank, though those investors polled continue to hold with their positive view on the outlook for global equities from a medium-term strategic perspective. In commodities, in last week’s review we noted the heightened near-term uncertainty on Crude ahead of the OPEC meeting. In the event, the unexpected OPEC agreement on an output cut resulted in a sharp increase in optimism on the nearterm outlook for Crude Oil, though sentiment readings are still below historic highs. More notably, investors have also become markedly more positive on oil from a medium-term strategic perspective. See charts 2-4, page 2.