sentix ASR Essentials 03-2017

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Written by Manfred Hübner | 22 January 2017
Posted in sentix Weekly

Deeply downbeat on Bunds in a relative context

The latest sentix survey shows that investors’ medium-term strategic bias on Bunds remains deeply negative both in absolute terms and versus US Treasuries. In the case of Bunds versus US bonds, the negative bias has run some way ahead of recent relative moves in US-German 10Y yields, suggesting that investors may be looking for a further narrowing of the spread in the medium-term. At an asset level, participants’ negative strategic bias on bunds versus eurozone equities also remains firmly intact, while monthly questions on assets indicate that the tide of optimism on commodities continues to rise. Bunds remain unloved relative to other assets (Charts 2-4, p2).

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sentix Investmentmeinung 02-2017

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Written by Manfred Hübner | 16 January 2017
Posted in sentix Weekly

There are no translations available.

Bewegung im Währungs- und Rohstoffbereich

Die größten Bewegungen im sentix-Datenkranz liefern zur Zeit Währungen und Rohstoffe. Bei EUR-USD und Öl gehen diese in die Richtung, unsere bestehende Positionierung zu stützen. USD-JPY erreicht ebenfalls einen interessanten Sentiment-Punkt, der eine neue Einschätzung bedingt. Bei Gold dagegen ist die Lage unentschieden.

Geänderte Einschätzung: USD-JPY

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sentix ASR Essentials 02-2017

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Written by Patrick Hussy | 15 January 2017
Posted in sentix Weekly

Investor opinion poles apart on EZ Equities/Bonds and Banks/Healthcare

The latest sentix surveys points to polarised investor opinion on a couple of fronts. At an asset level, respondents are deeply downbeat on the medium-term outlook for Eurozone bonds versus equities. Monthly survey questions on investors’ opinions on the medium-term outlook for sectors relative to the European market also reveal that the recent marked improvement in sentiment towards Banks remains intact. On the other side of the sentiment divide, pessimism on unloved sectors such as Food & Beverage, Utilities and Real Estate has also begun to moderate. However, pessimism still dominates on Healthcare, with monthly survey readings on the sector versus the market dropping to historic lows. Investor opinion is poles apart on equities versus Bonds and Banks versus Healthcare. See page 2 for charts.

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sentix Investmentmeinung 01-2017

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Written by Manfred Hübner | 09 January 2017
Posted in sentix Weekly

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Noch mehr positive Aktienmarktsignale

Das Jahr 2017 hat ganz ordentlich begonnen und – anders als seine drei Vorgängerjahre – den Jahresstart nicht durch Kursverluste belastet. Aber es könnte noch besser kommen. Die Vorzeichen für steigende Aktien sind angesichts einer sehr robusten Konjunktur und eines wieder steigenden Grundvertrauens durchaus als günstig einzustufen.

Geänderte Einschätzung: US-Aktien

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sentix ASR Essentials 01-2017

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Written by Patrick Hussy | 08 January 2017
Posted in sentix Weekly

Strategic bias on bunds and euro on back foot

Investors have entered 2017 on a positive footing in terms of their medium-term strategic bias on equities, set against a still cautious view on the outlook for bonds. This latter survey angle fits in with readings that reveal that economic expectations are still a notably bearish theme for Bunds. On the FX front, near-term investor pessimism on EUR/USD has eased back from historic extremes. However, survey participants remain cautious on the medium-term prospects for the euro versus the dollar. There is little sign that the New Year has changed investors’ downbeat views on the medium-term outlook for both bunds and the euro. See Page 2 for charts.

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