sentix ASR Essentials 34-2016

Written by Patrick Hussy | 28 August 2016
Posted in sentix Weekly

Investors remain constructive on equities

The latest sentix survey underlines that while respondents have become modestly pessimistic on the near-term outlook for equities, they remain positive on equities from a medium-term strategic perspective. This chimes with the monthly positioning data, which indicate that investors have moved to a modestly above average level of over-investment in European equities. On the emerging market equities front, investors also remain highly positive on China in terms of their medium-term strategic bias. It would appear that increased expectations of a US Fed rate-hike have done little to damage investors’ constructive view on equities medium-term outlook. See charts 3-4, p2).

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sentix Investmentmeinung 33-2016

Written by Manfred Hübner | 22 August 2016
Posted in sentix Weekly

Aktien-Setup weiter aussichtsreich

Für gewöhnlich zittern die Anleger in den Monaten August und September. Denn statistisch gehören diese in den letzten zwanzig Jahren zu den schwächsten Aktienmarktperioden bei DAX & Co. Dabei liegt dies weniger daran, dass es oft im Sommer zu Kursverlusten kommt, sondern daran, dass wenn es zu Kursverlusten kam, diese besonders groß ausfielen. Die aktuelle sentix-Ergebnisanalyse zeigt jedoch, dass die Wahrscheinlichkeit für solche großen Verluste derzeit eher gering ist.

Geänderte Einschätzungen: DAX, EuroSTOXX, Rohöl, EUR-JPY

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sentix ASR Essentials 33-2016

Written by Manfred Hübner | 21 August 2016
Posted in sentix Weekly

Positive strategic bias on China chimes with Commodity optimism

The latest sentix survey reveals some interesting sentiment developments on equities. On the developed markets front, survey participants’ strategic bias on the EuroSTOXX is continuing to revive from mid-summer lows. However, there are signs that investors have become a little less positive on the strategic outlook for US equities. This has seen the gap between strategic bias readings for the EuroSTOXX and S&P 500 bounce back from recent lows. On the emerging markets front, investors’ faith in the medium-term prospects for Chinese equities remains undiminished. This chimes with continued optimism on commodities as an asset class. EM equities and commodity sentiment remain closely linked (Charts 2-4, p2).

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sentix Investmentmeinung 32-2016

Written by Manfred Hübner | 15 August 2016
Posted in sentix Weekly

Update zu China

In der letzten Woche hatten wir die aussichtsreiche Situation für chinesische Aktien beschrieben und den Shanghai Composite in unser „View“-Portfolio aufgenommen. Die Ausgangslage gemäß der sentix-Daten hat sich weiter verbessert. Das wird auch aus der statistischen Analyse der sentix-Daten deutlich.

Geänderte Einschätzungen: Keine

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sentix ASR Essentials 32-2016

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

Investors appear to be less on the (sector) defensive

The latest sentix survey provides a view of investors’ current convictions on European sectors versus the market. In terms of broad investment themes, survey participants’ have become less pessimistic on financial sectors such as Insurance and Banks versus the market and more upbeat on cyclical sectors such as Chemicals, Construction and Industrials. At the same time, defensives such as Healthcare, Telecom and Food & Beverage appear to be losing some of their allure in a relative context, with sentiment readings edging lower over the month. Investors are beginning to move onto a less defensive footing in terms of their European sector preferences. See page 2 for charts.

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