sentix Investmentmeinung 41-2015

Written by Manfred Hübner | 12 October 2015
Posted in sentix Weekly

There are no translations available.

Konstruktive Rohstoffe

Seit 2011 enttäuschen die Rohstoffmärkte die Anleger in schöner Regelmäßigkeit. Die negative Entwicklung gipfelte im August in extrem negativen Sentimentwerten für Öl, einem Allzeittief im sentix Assetklassen-Sentiment für die Anlageklasse „Rohstoffe“ und der Beinahe-Pleite des weltgrößten Rohstoffhändlers Glen-core PLC.

Geänderte Einschätzung: Gold, Rohöl

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sentix ASR Essentials 41-2015

Written by Patrick Hussy | 11 October 2015
Posted in sentix Weekly

Sentiment upswing on Utilities and Energy

The latest sentix survey suggests that investors have become markedly less downbeat on several sectors. In the case of Utilities, readings have rebounded from historic lows, to their highest level of 2015, albeit the survey suggests pessimism remains notable. At the same time, sentiment has also improved on Basic Resources and Energy versus the market, consistent with the notable improvement seen in sentiment towards Crude Oil (see Charts 2-4). A near-term revival in equity sentiment has been accompanied by a less downbeat view on some of the least loved European sectors.

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sentix Investmentmeinung 40-2015

Written by Patrick Hussy | 05 October 2015
Posted in sentix Weekly

There are no translations available.

Schizophrenie oder Gleichgültigkeit

Auch in dieser Woche müssen wir uns die Frage stellen, ob die Anlageprofis Gefangene ihrer Grundüber-zeugung sind (Stichwort „alternativlose Aktien“). Denn diese Investorengruppe ist maßgeblich dafür ver-antwortlich, dass der Strategische Bias für deutsche / europäische Aktien anhaltend hoch ausfällt. Einerseits haben die Aktienindizes erfolgreich ihre Jahrestiefs verteidigt, die Kassa-Indizes in Europa markie-ren aber ein neues Wochenschlusskurs-Tief, was am Sentiment förmlich abprallt. Im Datenkranz ist ganz und gar nichts von Angst messbar. Auch die typischerweise auftretenden Panik-Berichte in den Gazetten bleiben aus...

Geänderte Einschätzung: keine

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The west follows the emerging markets

Written by Patrick Hussy | 04 October 2015
Posted in sentix Economic News

October has not brought the desired relief for strained economic expectations yet. The western economies follow emerging markets’ negative parameters. The Eurozone, Germany, the US as well as Japan show lower values for all components of the sentix Economic Index. The only glimmers of hope are the emerging markets, as for now they successfully halted the state of free-fall. Investors observe a stabilising process but on low levels across emerging markets. Asia ex Japan, Eastern Europe and Latin America benefit as economic expectations brighten up.

sentix ASR Essentials 40-2015

Written by Patrick Hussy | 04 October 2015
Posted in sentix Weekly

Macro uncertainty boosting bond sentiment

The latest sentix Economic Indices, released today, revealed a further decline in both eurozone (EZ) economic expectations and current situation readings, while the EZ overall headline reading fell from 13.6 to 11.7 (its lowest level since January). This more downbeat assessment of the eurozone macro outlook is also colouring investors’ views of bonds. Monthly survey readings based on views on the macro outlook as a bond ‘theme’ indicate that economics is seen as having become more
‘bond bullish’ on a six month view (Chart 3, page 2). This is consistent with the gradual improvement in sentiment towards bunds that has been seen in recent months. The sentix survey continues to indicate that macro matters for bonds.