sentix ASR Essentials 24-2017

Written by Manfred Hübner | 18 June 2017
Posted in sentix Weekly

Commodity caution a challenge for EM equity sentiment

The latest sentix survey indicates that investors have become a little less negative on the medium-term outlook for Chinese equities recently, while sentiment towards emerging market (EM) equities as an asset class has also modestly improved. However, the risk is that continued caution on commodities begins to act as a drag on EM equity sentiment, given their historic relationship. While investors are becoming less negative on Crude oil from a medium-term strategic perspective, this has done little to lend support to sentiment towards commodities as an asset. Increasing investor caution on commodities provides a challenge to a sustained revival in sentiment towards emerging market equities. See Charts 2-4, p2.

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sentix Investmentmeinung 23-2017

Written by Manfred Hübner | 12 June 2017
Posted in sentix Weekly

Negative Vorzeichen für US-Aktien

Bekommen die institutionellen Anleger Recht und reagieren die Märkte mit steigenden Kursen auf den verbesserten Strategischen Bias? Oder setzt sich doch das belastende technische Marktumfeld durch, welches aufgrund der negativen Momentumdivergenzen eine Konsolidierungsnotwendigkeit anzeigt? Bei US-Aktien stellt sich diese Frage nicht.

Geänderte Einschätzungen: S&P, Nasdaq 100

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Trump, geopolitics and Brexit

Written by Manfred Hübner | 12 June 2017
Posted in Special research

In the last few days, political news on both sides of the Atlantic has dominated the day. However, only a part of the investors was concerned. Thus, the attitude to Brexit hardly changed, still the investors see a moderate burden on the stock market perspectives. Macron's election victory, on the other hand, was priced in and investors said they did not want to react to it. The excitement, however, is Trump, which is becoming more and more a problem for the markets.

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sentix ASR Essentials 23-2017

Written by Manfred Hübner | 11 June 2017
Posted in sentix Weekly

Energy sector pessimism close to historic extremes

Survey questions on investors’ views on the medium-term outlook for European sectors reveal fading optimism on cyclical sectors such as Autos and Chemicals, alongside a receding tide of optimism on Technology from highly elevated sentiment levels. In this respect, the survey chimes with last week’s late sell-off in US technology stocks. At the other end of the sentiment spectrum, the gradual improvement in sentiment towards Telecoms continues, but pessimism on Energy is again close to historic extremes. Energy remains deeply unloved, though investors less negative view on the medium-term outlook for Crude Oil may provide a welcome beacon amidst the prevailing sentiment gloom. See page 2 for charts.

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Drei Börsenweisheiten, die doch wichtig für Sie sind

Written by Manfred Hübner | 08 June 2017
Posted in Woolly thoughts (blog)

Mancher Tag beginnt gleich zu Anfang mit großen Erkenntnissen. So fiel mir heute morgen ein Blog-Artikel von Salome Preiswerk, Gründerin des Fintechs Whitebox, auf. Der Titel: "Drei Börsenweisheiten, die Sie getrost vergessen können". Darin stellt Frau Preiswerk drei bekannte Börsenweisheiten auf den Prüfstand - und hat diese als untauglich entlarvt. Was sie dabei jedoch übersehen hat ist, dass diese Börsenweisheiten vielleicht etwas anderes beschreiben, als sie denkt. Entsprechend habe ich mich mit den gleichen Weisheiten auseinander gesetzt und möchte zumindest noch ein paar ergänzende Ausführungen machen.

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