sentix ASR Essentials 06-2018

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Back on the defensives

The latest sentix survey indicates that investor pessimism on the near-term outlook for equities is now notable, but not extreme. Monthly survey questions on investors’ views on European sectors paint a similar sentiment picture. Investors have become a little more upbeat on the outlook for defensive sectors such as Food & Beverage and Healthcare, and less optimistic on sectors such as Autos, Chemicals and Construction. There are signs that the correction in equity markets is pushing investors onto a more defensive sector tack. That said, they remain deeply downbeat on Utilities, which remains the least loved sector in a relative context. See page 2 for charts.

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sentix Investmentmeinung -kompakt- Februar 2018

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Monatlich finden Sie in der neuen Publikation Investmentmeínung -kompakt- eine Kurzkommentierung zu unseren Research-Einschätzungen auf einer Seite.

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sentix Investmentmeinung 05-2018

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Die Korrektur hat begonnen

In der Vorwoche thematisierten wir die unverändert hohen Risiken für Aktien, die sich insbesondere aus den US-Märkten heraus ergeben hatten. Mit fast 4% Minus erlebte die Wall Street einen der kräftigsten Rückschläge der letzten beiden Jahre. Die Korrektur hat begonnen, doch wie weit wird sie gehen?

Geänderte Einschätzungen: DAX, EUR-USD, US Bonds

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sentix ASR Essentials 05-2018

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Inflation expectations bashing bunds sentiment

While investors have become pessimistic on the near-term outlook for equities in the past week, this caution pales in comparison to the deep pessimism evident on bonds on both sides of the Atlantic. A lot of pessimism is baked in bunds, with sentiment readings falling towards the low end of their historic range and near-term neutrality levels close to 2-year lows. Monthly survey questions on ‘themes’ underline the bearish sentiment role being played by inflation expectations. Inflation data are therefore worth watching in the coming weeks: any unexpectedly benign EZ releases could challenge current deep bund pessimism. See Page 2 for charts.

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sentix Investmentmeinung 04-2018

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US-Aktien-Risiken bleiben stark erhöht

Noch immer zeigen die Aktienmärkte in den USA keine Reaktion, obwohl die Risiko-Analyse immer stärkere Signale sendet. Das Research-Portfolio steht in den letzten Wochen unter Druck, doch die Analyse der sentix-Daten spricht weiter dafür, an den Positionen festzuhalten. Bei EUR-JPY bauen wir unsere Positionierung sogar weiter aus.

Geänderte Einschätzungen: EUR-JPY

Lesen Sie hier die Ergebniskommentierung (sentix Registrierung erforderlich)

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