sentix ASR Essentials 25-2015

Written by Manfred Hübner | 21 June 2015
Posted in sentix Weekly

China concerns chime with Commodity caution

The latest sentix survey suggests investors have become more cautious on the outlook for Emerging Equity Markets, in a move that chimes with weakening sentiment towards Commodities as an asset class. At a market level, this change in investor opinion can be seen in the sharp reversal in readings on the Chinese market. Near-term sentiment readings on Chinese equities have been falling since April, with the latest survey seeing pessimism reach levels last seen in October last year, albeit readings are well above historic lows. At the same time, readings based on respondents’ medium-term strategic bias on China have fallen to levels last seen over a year ago. Such caution on the near and medium-term outlook for the Chinese equity market may have been lent support by the double-digit declines seen in indices such as the Shanghai Composite last week. See page 2 for charts.

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Extremely bad sentiment for European utility shares

Written by Sebastian Wanke | 15 June 2015
Posted in Special research

sentix Sector Sentiment for utilities falls to a sector-specific all-time low. Only once before since 2002 was the mood for a sector worse among investors. But in relation to the whole market European utility stocks’ performance has stabilized since March. All in all, the signals point to a renewed contrarian opportunity.

sentix Investmentmeinung 24-2015

Written by Manfred Hübner | 15 June 2015
Posted in sentix Weekly

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Fehlende Grexit-Angst macht der Börse politische Beine

Obwohl sich das griechische Schuldendrama einem erneuten, möglicherweise finalen Höhepunkt nähert, ist von einer übergroßen Besorgnis der Anleger nichts zu spüren. Am Aktienmarkt herrscht eine neutrale Stimmungslage vor und auf mittlere Sicht bleibt das Grundvertrauen ungebrochen. Ohne Kenntnis irgendwelcher Hintergründe vermitteln die sentix-Daten das Bild eines robusten Marktes ohne besondere Vorkommnisse. Da die Grexit-Frage jedoch nicht nur akut ist, sondern beispielsweise bei den Staatsanleihen der Euro-Peripherie bereits zu spürbaren Verwerfungen geführt hat, steht zu erwarten, dass die „kurzen Beine der politischen Börse“ auch den Aktienmarkt noch erreichen.

Geänderte Einschätzungen: China Aktien

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

sentix ASR Essentials 24-2015

Written by Manfred Hübner | 14 June 2015
Posted in sentix Weekly

Investors are a little more on the Defensive; but Utilities still unloved

The latest sentix survey suggests sentiment towards equity markets has modestly firmed after recent setbacks, though readings for the DAX and EuroSTOXX are only back to neutral levels, while readings based on investors’ views on markets from a medium-term strategic perspective are well down from recent highs. At the same time, investors’ equity sector preferences versus the market have tilted away from cyclical sectors towards defensives in the past month. Survey respondents continue to become less optimistic on sectors such as Autos, Chemicals and Industrial Goods & Services, while the recent revival in readings on Basic Resources and Energy has also begun to unwind. On the other side of the sentiment divide, investors have become a little more upbeat on Financial Services, Food & Beverage and Healthcare. However, they remain deeply pessimistic on Utilities. See Charts 2-3, page 2.

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Lowest sentiment for the Bund future since March 2012

Written by Sebastian Wanke | 08 June 2015
Posted in Special research

sentix Sentiment for the Bund future falls to its lowest level since March 2012 when the Greek debt was restructured. In the past such a bad sentiment among investors subsequently has led to a rise in the Bund future. This time, too, we interpret the extreme reading as a contrarian signal!