sentix ASR Essentials 42-2016

Written by Manfred Hübner | 23 October 2016
Posted in sentix Weekly

EM optimism chimes with constructive views on Commodities

The latest sentix survey points to an increasingly negative strategic bias on Eurozone bonds among those investors surveyed, set against a notably positive medium-term bias on equities, whether developed or emerging market. On the latter front, continued optimism on emerging market equities as an asset class chimes with a revival in sentiment towards commodities, underlining once again that sentiment on both asset classes remains closely linked. In the case of commodities, sentiment is not being undermined by investors’ optimism on the near-term outlook for the US dollar versus Yen and the euro (Charts 2-4, p2).

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sentix Investmentmeinung 41-2016

Written by Manfred Hübner | 17 October 2016
Posted in sentix Weekly

Märkte auf dem Sprung – Neutralität als Katalysator

Die Spannung an den Aktienmärkten ist förmlich greifbar. Die täglichen Schwankungen gehen immer mehr zurück. Im Gegenzug steigt die Zahl der neutral gestimmten Investoren kontinuierlich. Diese hohe Neutralität deutet auf eine bevorstehende, dynamische Marktbewegung hin. Ein solches Neutralitätssignal ist jedoch per Definition richtungslos. Gibt es Hinweise, auf die wahrscheinliche Ausbruchsrichtung?

Geänderte Einschätzungen: Keine

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sentix ASR Essentials 41-2016

Written by Manfred Hübner | 16 October 2016
Posted in sentix Weekly

Pessimism persists on Defensives versus Cyclical sectors

The latest sentix survey indicates that investors are continuing to warm to cyclical and resource-plays at a European sector level, but have become cooler on the more defensive sectors over the past month. Thus survey readings on Energy and Basic Resources versus the market are pulling further away from H1 lows, while on the other side of the sentiment divide, readings on Healthcare and Food & Beverages are as weak as they have been in over fifteen months. The sentiment tilt remains very much skewed towards cyclical sectors versus defensives. Echoes of this are evident at an asset level, with near-term pessimism on Eurozone bonds reaching relatively extended levels in a historic context, albeit survey respondents’ mediumterm strategic bias on bunds remains firmly negative. See pages 2 and 4 for charts.

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sentix Investmentmeinung 40-2016

Written by Manfred Hübner | 10 October 2016
Posted in sentix Weekly

Konjunkturerwartungen senden Impulse

Die heutige Veröffentlichung der sentix Konjunkturerwartungen sendet vielfältige Impulse für Anleger. Aus diesem Grund haben wir die Kommentierung dieser Daten dieser Mail beigefügt. Wenn Sie diese Info künftig automatisch einmal im Monat erhalten wollen, senden Sie uns eine Mail an info@sentix.de! Für Aktien und Rentenmärkte könnte der Oktober 2016 eine wichtige Wegscheide darstellen.

Geänderte Einschätzungen: Keine

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sentix ASR Essentials 40-2016

Written by Patrick Hussy | 09 October 2016
Posted in sentix Weekly

Bunds sentiment bashed by improving macro expectations

The latest sentix survey underlines the continued interplay between macro and bond market expectations. In the case of the Eurozone (EZ), the sentix Economic Expectations Index has further improved, rising from +6.8 to +10.8 in October – its highest level since December 2015. At a market level, economics has become a modestly bearish theme for eurozone bonds, while the ‘themes’ indices also point to a notable pick-up in inflation expectations. All of which chimes with the growing near-term pessimism on Bunds, which is now running at twelve month extremes. It may also help explain investors’ increasingly negative medium-term strategic bias on Bunds. It suggests that macro still matters for bonds. See Page 2 for charts.

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