New start-up for bank shares

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In the current sentix survey on sector assessments in the Euro zone, a change in favourites from defensive to cyclical sectors is emerging. We were particularly curious about the expectations for banks after the ECB took far-reaching decisions at its last meeting on 12 September.

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sentix Survey results (37-2019)

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The smart money is still holding back

While the US equity market, measured by the S&P 500, is already close to its all-time high again, "smart" large-scale investors have so far been very reluctant to buy. This is measured by the “Smart Money Flow Index”. Noteworthy in this index are divergences from the price trend. Thus, the SMFI fell significantly from spring onwards before the downturn in Q4 2018. There is also a (small) divergence at the current edge. The basic confidence is apparently lacking.

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The Bund yield curve should become steeper

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In the run-up to the upcoming ECB meeting on 12 September, the sentix economic indices are sending an interesting signal for German government bonds. For this purpose, we consider the difference between expected values and situation indices for the economy in Germany and the Euro zone.

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sentix Survey results (36-2019)

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Gold bias continues to tip over

Over the past twelve months, investors' investment behaviour in gold has changed significantly. The lowest position since 2007 has become one of the highest gold ratios in investor portfolios. This position building was supported by a positive perception of value on the part of investors. However, this has already weakened significantly in recent weeks. This should lead investors to think about profit taking.

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sentix Survey results (35-2019)

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Positive market breadth for US equities

Market breadth is an important building block in the assessment of stock markets. An indicator for the composition of the market breadth is the "Advance Decline" line. It measures daily how many shares are rising or falling and the cumulative result. Currently, the "AD line" for the S&P 500 reaches a new all-time high and is thus positively divergent from the price trend, which has not yet reached this high. A sign of strength.

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