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.

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Rally is set to continue for Greek government bonds

Written by Julien Mueller | 28 September 2015
Posted in sentix Euro Break-up Index News

For the third time in a row the sentix Euro Break-up Index (EBI) falls and stands now at 15.4% after 17.2%. The development is routed in – especially institutional – investors’ perception about Greece. This signals further opportunities for Greek government bonds.

sentix Investmentmeinung 39-2015

Written by Patrick Hussy | 28 September 2015
Posted in sentix Weekly

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Die Fed ist in einer „lose-lose-Situation“

Der Strategische Bias für Aktien fällt weiter. Auffällig ist, dass dieser Prozess von den Privatanlegern ange-führt wird. Die Investmentprofis sehen das anders. Für sie ist die Aktienanlage alternativlos – komme da, was wolle! Sind Kursverluste wirklich alternativlos? Dies würde ein Endanleger anders sehen. Das Fatale ist, dass das Argument der Alternativlosigkeit sogar immer stärker wird, je mehr die Kurse fallen...

Geänderte Einschätzungen: keine

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

sentix ASR Essentials 39-2015

Written by Patrick Hussy | 27 September 2015
Posted in sentix Weekly

Equities unloved; but Going for Gold

While the latest sentix survey suggests investors have become a little less pessimistic on the near-term outlook for equity markets, survey readings based on investors’ views on equities from a medium-term strategic perspective continue to weaken. At the same time, monthly questions on positioning revealed that levels of over-investment in equities have fallen below longer-term average levels. A high degree of caution remains the dominant survey theme on global equities. In contrast, investors are warming to Gold, with near-term sentiment and mediumterm strategic bias readings pulling further away from their mid-summer lows. Caution on equities may be bolstering investor sentiment towards Gold (Charts 3-4).

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Equities – really without any alternative?

Written by Julien Mueller | 21 September 2015
Posted in Special research

The latest sentix data set reveals: investors commit in an increasingly strong manner to European equities despite a weakening in economic outlooks and market turbulences. For instance, they increase their investment horizon at a level never seen before. It shows the extreme conditioning of market participants regarding stocks as an investment without any alternative. This is a risk!