sentix ASR Essentials 12-2016

Written by Manfred Hübner | 27 March 2016
Posted in sentix Weekly

A less negative strategic bias on Asian equities

The latest sentix survey indicates that investors are less downbeat on Eurozone equities than they were in late-January/early-February, albeit survey participants continue to run with below average levels of over-investment in European equities. Investors’ views on Asian markets have also become less negative in recent weeks. Survey readings on Chinese equities have swung sharply back from their January lows, in a move that chimes with a less pessimistic view on commodities. In a more recent development survey respondents have also become a little less downbeat on Japan from a medium-term strategic perspective, though Nikkei readings remain low in a historic context. It appears that investors are becoming less negative on the medium-term outlook for Asian equities (see Charts 2-4, P2).

Click here for the full report

sentix Investmentmeinung 11-2016

Written by Patrick Hussy | 21 March 2016
Posted in sentix Weekly

Unspektakuläre Iden des März?

Wenn es nach den Anlegern geht, sollten die europäischen Aktienmärkte in der nächsten Zeit vor sich hindümpeln. Es ist kaum Bewegung im Sentiment und auch im Strategischen Bias tut sich fast nichts. Dass keine Frühlingsgefühle aufkommen lässt sich insbesondere auf die jüngsten Statements der Notenbanken zurückführen, die keine neuen Impulse setzen konnten. Die Lethargie ist dennoch erstaunlich, sind doch die Iden des März traditionell berüchtigt für markante Wendepunkte und Zäsuren an den Kapitalmärkten.

Geänderte Einschätzung: keine

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

sentix ASR Essentials 11-2016

Written by Patrick Hussy | 20 March 2016
Posted in sentix Weekly

Warming to Commodities and EM Equities; but cautious on Crude

Investors have become less downbeat on Chinese equities from a medium-term strategic perspective in recent weeks, albeit survey readings remain well down on twelve month highs. This chimes with a wider revival in sentiment towards Emerging Equity Markets as an asset class, as well as a more upbeat view among survey participants on the outlook for Commodities. A sustained improvement in commodity sentiment would be good news for EM Equities, given that sentiment on both asset classes remains closely linked. On this front, however, the survey also indicates investors have become less positive on Crude Oil from a medium-term strategic perspective, as WTI nears the $40bp resistance area (Charts 2-4, page 2).

Click here for the full report

sentix Investmentmeinung 10-2016

Written by Manfred Hübner | 14 March 2016
Posted in sentix Weekly

Öl noch nicht über den Berg

Mario Draghi hat gesprochen und den Märkten kurzfristig einen Bewegungsimpuls beschert. Doch entgegen der Wahrnehmung, die man über die Preisentwicklung haben könnte, hat er bei den Anlegern keinen nachhaltigen Eindruck hinterlassen. Unsere Erwartung eines weitgehenden „Non-Events“ hat sich damit bestätigt. Während es von den Aktien wenig Neues zu berichten gibt, senden die sentix-Daten interessante Signale zum Rohöl aus. Die laufende Preiserholung könnte schon bald auslaufen.

Geänderte Einschätzung: Rohöl Brent

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

sentix ASR Essentials 10-2016

Written by Manfred Hübner | 13 March 2016
Posted in sentix Weekly

Investors less on the sector defensive; but still wary on EZ equities

The latest sentix survey points to continued uncertainty on the outlook for eurozone (EZ) equities. This is despite signs that investors have become less defensive in terms of their sector preferences. On this front, the past month has seen optimism on cyclical sectors such as Basic Resources, Chemicals and Construction increase, while participants have become less downbeat on Financial Services and Banks. At the same time, survey readings on defensives such as Healthcare and Food & Beverage have weakened, while the recent revival in Utilities sentiment has begun to unwind. However, readings based on investors’ medium-term strategic bias on the DAX and EuroSTOXX are weakening. Caution is still the ‘watch word’ on EZ equities. On the other side of the sentiment divide, investors are as upbeat on Gold from a medium-term perspective as they have been since 2012. See p2 for charts.

Click here for the full report