sentix ASR Essentials 48-2017

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Inflation casts a shadow across Bunds sentiment revival

Investors are becoming less downbeat on eurozone bonds in terms of both nearterm sentiment and their medium-term strategic bias. This change of tack can also be seen in the gap between strategic bias readings on bunds versus the EuroSTOXX, which is reversing from recent lows. What could de-rail this recent revival? The latest sentix survey also revealed that inflation is viewed as a more bond-bearish theme than it was month ago. A further deterioration in inflationary newsflow could curb the revival in sentiment towards bunds. See Page 2 for charts.

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