sentix ASR Essentials 24-2017

Written by Manfred Hübner | 18 June 2017
Posted in sentix Weekly

Commodity caution a challenge for EM equity sentiment

The latest sentix survey indicates that investors have become a little less negative on the medium-term outlook for Chinese equities recently, while sentiment towards emerging market (EM) equities as an asset class has also modestly improved. However, the risk is that continued caution on commodities begins to act as a drag on EM equity sentiment, given their historic relationship. While investors are becoming less negative on Crude oil from a medium-term strategic perspective, this has done little to lend support to sentiment towards commodities as an asset. Increasing investor caution on commodities provides a challenge to a sustained revival in sentiment towards emerging market equities. See Charts 2-4, p2.

Click here for the full report

sentix Investmentmeinung 23-2017

Written by Manfred Hübner | 12 June 2017
Posted in sentix Weekly

Negative Vorzeichen für US-Aktien

Bekommen die institutionellen Anleger Recht und reagieren die Märkte mit steigenden Kursen auf den verbesserten Strategischen Bias? Oder setzt sich doch das belastende technische Marktumfeld durch, welches aufgrund der negativen Momentumdivergenzen eine Konsolidierungsnotwendigkeit anzeigt? Bei US-Aktien stellt sich diese Frage nicht.

Geänderte Einschätzungen: S&P, Nasdaq 100

Klicken Sie hier für die aktuelle Investmentmeinung (sentix Registrierung erforderlich)

sentix ASR Essentials 23-2017

Written by Manfred Hübner | 11 June 2017
Posted in sentix Weekly

Energy sector pessimism close to historic extremes

Survey questions on investors’ views on the medium-term outlook for European sectors reveal fading optimism on cyclical sectors such as Autos and Chemicals, alongside a receding tide of optimism on Technology from highly elevated sentiment levels. In this respect, the survey chimes with last week’s late sell-off in US technology stocks. At the other end of the sentiment spectrum, the gradual improvement in sentiment towards Telecoms continues, but pessimism on Energy is again close to historic extremes. Energy remains deeply unloved, though investors less negative view on the medium-term outlook for Crude Oil may provide a welcome beacon amidst the prevailing sentiment gloom. See page 2 for charts.

Click here for the full report

sentix Investmentmeinung 22-2017

Written by Manfred Hübner | 06 June 2017
Posted in sentix Weekly

Der Euro ist kurzfristig überreizt

Die Aktienmärkte liefern weiter ein zwiespältiges Bild. Während sich die kurzfristige Stimmung im Einklang mit der Kursstärkt zum Wochenschluss deutlich verbessert hat, bleibt der Strategische Bias gedämpft. Eine neue nachhaltige Kaufperspektive ist damit nicht entstanden. Klarer ist das Bild für den EUR-USD-Kurs. Bereits in der Vorwoche haben wir hier eine unvorteilhafte Konstellation im TD-Index festgestellt.

Geänderte Einschätzungen: EUR-USD

Klicken Sie hier für die aktuelle Investmentmeinung (sentix Registrierung erforderlich)

sentix ASR Essentials 22-2017

Written by Patrick Hussy | 04 June 2017
Posted in sentix Weekly

Inflation expectations boosting bunds

The latest sentix survey indicates that investors’ medium-term strategic bias on bunds remains much less downbeat than it was coming into this year (see Chart 9, page 4). However, monthly questions on bond ‘themes’ provide both good and bad news for bond market bulls. On a positive tack, investors view inflation as a much less Eurozone bond-bearish theme than it was coming into 2017, consistent with the 13-week rate of change in bund yields seen in the first half of the year. On a negative note, however, economics is still seen as a notably bearish theme for bonds. At the moment, inflation expectations appear to be winning out over concerns over the economic outlook. It may leave bunds at risk to any signs that inflationary spectre has not been truly laid to rest. See Page 2 for charts.

Click here for the full report