sentix ASR Essentials 15-2016

Written by Manfred Hübner | 17 April 2016
Posted in sentix Weekly

Positive bias on EM Equities chimes with Commodity confidence

Investors continue to become more upbeat on Chinese equities from a mediumterm strategic perspective, likely helped by more encouraging signs on the economy from recent data. However, this also chimes with a wider revival in sentiment towards Emerging Equity Markets as an asset class, as well as investors more upbeat view on the outlook for Commodities. A sustained improvement in commodity sentiment would be a positive development for sentiment towards EM Equities, given that sentiment on both asset classes remains closely linked. On this front, however, disappointment on a hoped-for oil production freeze may challenge optimism on Crude, which was modest at best even ahead of the long-awaited meeting of producers in Doha at the weekend (Charts 2-4, page 2).

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Investors shun the banks

Written by Julien Mueller | 11 April 2016
Posted in Special research

In April, investors continue to see the European banking landscape sailing in troubled waters. The sentix Sector Sentiment for European bank stocks has been as negative recently as during the heights of the euro crisis in 2011/12. A potential buy opportunity could emerge.

sentix Investmentmeinung 14-2016

Written by Manfred Hübner | 11 April 2016
Posted in sentix Weekly

There are no translations available.

Risiken bei Bundesanleihen nehmen zu

Vor exakt einem Jahr markierte der Deutsche Aktienindex seinen bisherigen Höchststand. 12.374 Punkte lau-tete der höchste jemals gemessene DAX-Schlusskurs. Seitdem ist viel passiert. Vieles, was die Anleger so nicht erwartet hätten. Zum Beispiel, dass die extrem niedrigen – inzwischen ins Negative gesenkten – Zinsen sich keineswegs positiv auf die Aktienbewertung ausgewirkt haben. Aber muss man deswegen nun Bundesanleihen gut finden? Der relative „Strategische Bias“ zeigt, dass die Anleger heute weit weniger Vertrauen in Aktien relativ zu Bonds haben, als vor einem Jahr.

Geänderte Einschätzung: keine

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sentix ASR Essentials 14-2016

Written by Manfred Hübner | 10 April 2016
Posted in sentix Weekly

Backing away from Banks; still running with Real Estate

The latest sentix survey points to increased pessimism on the near-term outlook for eurozone (EZ) equities. This chimes with a reversal in opinion on the prospects for the Banks sector, based on the latest monthly questions on investors’ views on the medium-term outlook for sectors relative to the European market. After a brief respite in March, investors’ pessimism on Banks versus the market has returned to the fore this month, with sentiment readings dropping back to the low-end of their historic range. However, this does not appear to be part of a wider upsurge in sector risk aversion. Survey readings on Food & Beverage were little changed versus a month ago, while despite a modest pick-up over the month, Healthcare sentiment is still well down on last year’s highs. Based on the latest survey findings, investors are most optimistic on Real Estate versus the market. See p2 for charts.

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sentix Investmentmeinung 13-2016

Written by Manfred Hübner | 05 April 2016
Posted in sentix Weekly

There are no translations available.

Öl impliziert neue Aktienrisiken

Seit Mitte Januar haben sich die Rohölpreise deutlich erholt. Das hat an den Aktienmärkten zu einer Kurser-holung beigetragen. Ein neues, positives Kapitalmarktumfeld wurde dadurch jedoch nicht geschaffen. Der strategischen Aktienmarkt-Bias dümpelt an der Null-Linie, von Kaufneigung ist wenig zu spüren. Das einzige was steigt, ist die gemessene Unsicherheit. Nun zeigen sich deutliche Anzeichen dafür, dass die Öl-Erholung ausläuft. Wie werden die Aktienmärkte darauf reagieren?

Geänderte Einschätzung: DAX, EuroSTOXX 50, S&P 500