sentix ASR Essentials 07-2017

Written by Manfred Hübner | 19 February 2017
Posted in sentix Weekly

Gold’s medium-term attractions outshining Crude

The latest sentix survey shows that improving investor sentiment towards emerging equity markets remains closely linked with heightened optimism on commodities as an asset class. On this front, there is a notable divergence of opinion on two key commodities, with investors’ strategic bias on Crude oil becoming more negative, in contrast to medium-term readings on Gold which continue to head higher. The medium-term strategic attraction of Gold appears to be shining brightly for investors in a commodity context. This chimes with the less negative strategic bias on bunds versus eurozone equities that has also recently emerged (Charts 2-4, p2).

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sentix Investmentmeinung 06-2017

Written by Manfred Hübner | 13 February 2017
Posted in sentix Weekly

Neuer Dampf für die Japan-Story

Mit dem wahrscheinlichen Ende der Korrektur bei USD-JPY rücken auch die japanischen Aktienmärkte wieder in den Mittelpunkt des Interesses. Nikkei und Topix stehen nach einer mehrwöchigen Konsolidierungsphase vor der Wiederaufnahme des Aufwärtstrends. Yen und Aktienmarkt werden dabei von einer vorteilhaften Saisonalität unterstützt.

Geänderte Einschätzungen: Aktien Japan, USD-JPY, US-Bonds

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sentix ASR Essentials 06-2017

Written by Patrick Hussy | 12 February 2017
Posted in sentix Weekly

Investors move back onto the defensive

The latest sentix survey suggests investors have become more defensive in their investment preferences. At an asset level, the large negative gap between views on the medium-term outlook for Eurozone bonds versus equities is continuing to close. Survey questions on investors’ opinions on the medium-term outlook for sectors versus the European market also reveal a less ‘risk-on’ bias, with readings on Energy, Basic Resources, Autos and Banks reversing some of their recent gains. On the other side of the sentiment divide, pessimism on Food & Beverage is lessening, while Healthcare readings bounced back from historic lows. On a similar tack in commodities, investors’ medium-term strategic bias on Gold is becoming more positive. In short, it appears that the ‘risk-on’ bias baked into investor sentiment is weakening. See page 2 for charts.

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sentix Investmentmeinung 05-2017

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

Frostiger Februar voraus?

Die heute veröffentlichten Daten zu den sentix-Konjunkturindizes unterstreichen unsere Diagnose der Vorwoche: der neue US-Präsident entwickelt sich zum Perspektivenkiller. Diese Botschaft kommt inzwischen bei den Anlegern deutlich an und führt zu einer Reihe von negativen Sentimentimpulsen bei Aktien und Veränderungen im Strategischen Bias bei nahezu allen Anlageklassen.

Geänderte Einschätzungen: Aktien USA

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sentix ASR Essentials 05-2017

Written by Patrick Hussy | 05 February 2017
Posted in sentix Weekly

A beacon amidst the gloom on Bunds

T he latest sentix survey indicates that investors’ deeply negative medium-term strategic bias on Eurozone bonds has begun to moderate, set against economic expectations that are seen as a slightly less bearish theme for bonds. This fits with the February sentix economic survey, which revealed deteriorating expectations for the eurozone economy (readings dropped from +20.0 to +14.3). At the same time investors’ strategic bias on equities has become less positive. In a relative context, therefore, investors’ underlying negative medium-term strategic bias on eurozone bonds versus equities has moderated, along with expectations for the EZ economy. See Page 2 for charts.

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