sentix ASR Essentials 18-2014

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Deep investor pessimism on EUR/USD persists

The latest sentix survey underlines that while survey participants have become a little less downbeat on the medium-term prospects for European equities, they remain deeply pessimistic on the Eurozone currency. Medium-term sentiment readings on EUR/USD are running at historic extremes (Chart 3, page 2), while pessimism on the near-term prospects for Euro versus USD is also becoming relatively extended in a historic context (Chart 4). In short, Sentix survey participants remain deeply pessimistic on the Euro versus USD in both the near and medium-term.

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sentix ASR Essentials 20-2014

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Caution fails to curb commodity-related Sector revival

The latest sentix survey indicates that investors remain highly upbeat on the medium-term outlook for Eurozone bonds and pessimistic on the EuroSTOXX. Indeed, this caution is finding echoes in their equity sector views. Additional monthly survey questions revealed improving sentiment towards defensive sectors such as Healthcare and Food & Beverages, set against deteriorating sentiment towards Financials and cyclicals such as Autos, Construction and Industrials (see Chart 2, page 2). However, while sentiment has tilted onto a more defensive bias, it appears that not all cyclical sectors are the same in sentiment terms. As yet, the revival in sentiment towards sectors such as Energy and Basic Resources, which had been prey to deep pessimism in early-2014, remains on track. Heightened caution

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