sentix ASR Essentials 04-2018

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Written by Patrick Hussy | 28 January 2018
Posted in sentix Weekly

Gold optimism at risk if dollar pessimism recedes

The latest sentix survey underlines the extent to which investors are downbeat on the US dollar, both in the near and medium-term. This is especially evident in strategic bias readings on USD/JPY, which this week dropped to the lowest level seen since 2012. Deep pessimism on the dollar chimes with investors’ elevated optimism on Gold. In this respect, therefore, it is notable that near-term sentiment on USD/JPY has edged back from recent lows in the last couple of weeks. Elevated optimism on Gold could be challenged if pessimism on the dollar further recedes. See charts 2-4, p2.

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sentix Investmentmeinung 03-2018

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Written by Patrick Hussy | 22 January 2018
Posted in sentix Weekly

There are no translations available.

Die magische Nulllinie des Grundvertrauens

Eine freundliche Aktienwoche liegt hinter uns – und dieses Mal auch für Eurolands Aktienmarkt. Der Sentiment-Impuls für Aktien vom Jahresstart scheint nun seine volle Kraft entfalten zu wollen. Doch die mittelfristigen Perspektiven halten mit dieser technischen Verbesserung nicht Schritt, der Bias erodiert. Diese Entwicklung ist in Europa und in den USA unterschiedlich weit vorangeschritten. Ab welchem Niveau wird es für die Märkte kritisch?

Geänderte Einschätzungen: S&P 500; Stopp-Loss Limit bei US-Treasuries

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sentix ASR Essentials 03-2018

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Written by Manfred Hübner | 21 January 2018
Posted in sentix Weekly

Commodity optimism heading towards high-water mark

At an asset level, the latest sentix survey revealed that investors are becoming less positive on the medium-term outlook for both eurozone equities and bonds. In contrast, a rising tide of optimism has lifted sentiment readings on commodities to relatively elevated levels, while medium-term strategic bias readings on Gold are also nearing 2016 highs. A lot of positive sentiment is baked into commodities as a grouping, which may leave them at risk should dollar strength re-emerge or macro data challenge the strong global growth narrative. History suggests any reversal in commodities might also undermine sentiment towards emerging equity markets, which also remains elevated. See charts 2-4, p2.

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sentix Investmentmeinung 02-2018

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Written by Manfred Hübner | 16 January 2018
Posted in sentix Weekly

There are no translations available.

sentix in Bild und Ton

Aus terminlichen Gründen entfällt die Investmentmeinung in dieser Woche. Damit Sie dennoch nicht ganz ohne sentix-Einschätzung sind, haben wir zwei Videoempfehlungen für Sie! Änderungen am Research-Portfolio nehmen wir in dieser Woche keine vor.

Geänderte Einschätzungen: Keine

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sentix ASR Essentials 02-2018

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Written by Manfred Hübner | 14 January 2018
Posted in sentix Weekly

Bond-sensitive sectors on the back-foot

Deep pessimism on bonds appears to be casting a long shadow across investors’ European sector preferences, with the latest sentix survey pointing to increased pessimism on bond sensitive sectors such as Utilities (which remains survey participants’ least-loved sector) and Telecoms versus the market. This is consistent with the notable relationship between investors’ medium-term strategic bias on bunds and their sentiment towards Telecoms (chart 2, page 2). While pessimism on Bunds is not extreme, sentiment readings have fallen towards the low-end of their historic range. Any bounce in eurozone bonds in the coming weeks may lend some near-term sentiment support to hard-pressed bond-sensitive sectors. See pages 2 and 3 for charts.

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