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.

Click here for the full report

sentix Investmentmeinung 22-2017

Written by Manfred Hübner | 06 June 2017
Posted in sentix Weekly

Der Euro ist kurzfristig überreizt

Die Aktienmärkte liefern weiter ein zwiespältiges Bild. Während sich die kurzfristige Stimmung im Einklang mit der Kursstärkt zum Wochenschluss deutlich verbessert hat, bleibt der Strategische Bias gedämpft. Eine neue nachhaltige Kaufperspektive ist damit nicht entstanden. Klarer ist das Bild für den EUR-USD-Kurs. Bereits in der Vorwoche haben wir hier eine unvorteilhafte Konstellation im TD-Index festgestellt.

Geänderte Einschätzungen: EUR-USD

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

sentix ASR Essentials 22-2017

Written by Patrick Hussy | 04 June 2017
Posted in sentix Weekly

Inflation expectations boosting bunds

The latest sentix survey indicates that investors’ medium-term strategic bias on bunds remains much less downbeat than it was coming into this year (see Chart 9, page 4). However, monthly questions on bond ‘themes’ provide both good and bad news for bond market bulls. On a positive tack, investors view inflation as a much less Eurozone bond-bearish theme than it was coming into 2017, consistent with the 13-week rate of change in bund yields seen in the first half of the year. On a negative note, however, economics is still seen as a notably bearish theme for bonds. At the moment, inflation expectations appear to be winning out over concerns over the economic outlook. It may leave bunds at risk to any signs that inflationary spectre has not been truly laid to rest. See Page 2 for charts.

Click here for the full report

sentix Investmentmeinung 21-2017

Written by Manfred Hübner | 29 May 2017
Posted in sentix Weekly

Das Unsicherheits-Level steigt

Auf das abnehmende Grundvertrauen haben die Anleger mit einer Anpassung ihrer Positionierung auf neutrale Niveaus reagiert. Damit muss die von uns seit Wochen favorisierte Markt-Konsolidierung nicht mehr zwingend eintreten. Andererseits bleibt das technische Bild angespannt und saisonal beginnt eine schwierigere Phase. Auf all das reagieren die Anleger mit zunehmender Nervosität!

Geänderte Einschätzungen: DAX, EuroSTOXX, S&P 500, Nikkei

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

sentix ASR Essentials 21-2017

Written by Patrick Hussy | 28 May 2017
Posted in sentix Weekly

A less negative strategic bias on Crude

Last week we noted the continued interplay in sentiment towards emerging equity markets and commodities. At a market level, weakening investor opinion on the medium-term outlook for Chinese equities remains a feature, consistent with receding optimism on commodities as an asset class. However, on this latter front, there are some chinks of light amidst the prevailing recent gloom, with investors’ medium-term strategic bias on Crude Oil having become less negative in recent weeks. Notably, it is an improvement that has not been derailed by initial market disappointment at the outcome of last week’s OPEC meeting. See Charts 2-4, p2.

Click here for the full report