sentix ASR Essentials 14-2017

Written by Patrick Hussy | 09 April 2017
Posted in sentix Weekly

Crude playing catch-up with Gold

The latest sentix survey reveals that while investors’ strategic bias on Eurozone (EZ) equities has become slightly less negative, the recent relative improvement in views on bunds versus EZ equities medium-term outlook remains intact. This chimes with survey readings that indicate that economic expectations are a less bearish theme for bonds. In a more recent development, there are also signs of a change of tack in commodities. While survey participants are maintaining a positive medium-term strategic bias on Gold, survey readings on Crude Oil have also edged back from recent lows. This suggests investors saw value in WTI oil around the $48pb level. The big strategic bias gap between oil and Gold may be beginning to close. See Page 2 for charts.

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sentix Investmentmeinung 13-2017

Written by Manfred Hübner | 04 April 2017
Posted in sentix Weekly

Heftiges Durcheinander

Eine extrem seltene Konstellation hat sich an den Märkten ergeben. Der markante und noch immer andauernde Abbau im strategischen Grundvertrauen der Aktienanleger dauert an, ohne jedoch die sich normalerweise daraus ergebenden Risiken in den Märkten zu erzeugen. Umgekehrt stehen aber japanische Aktien, mit der relativ besten Datenlage, besonders unter Druck. Der Yen reflektiert hier eine Bewegung aus dem Risiko. Ein ganz schönes Durcheinander!

Geänderte Einschätzungen: keine

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sentix ASR Essentials 13-2017

Written by Patrick Hussy | 02 April 2017
Posted in sentix Weekly

High underlying uncertainty on eurozone equities

The latest sentix survey underlines investors’ deeply negative medium-term strategic bias on equity markets in Europe, Japan and the US. In the case of the US, strategic bias readings on the S&P 500 are not far from historic lows. While optimism on the near-term outlook for indices has increased in the last couple of weeks, it has done nothing to shake investors’ downbeat convictions on the medium-term. At the same time, sentix neutrality indices suggest a high degree of underlying uncertainty on the medium-term outlook for eurozone indices such as the DAX and EuroSTOXX. Taken together this suggests potential for a pick-up in volatility as Q2 unfolds. See Charts p2.

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Conditional Relief

Written by Julien Mueller | 27 March 2017
Posted in sentix Euro Break-up Index News

The situation in the Eurozone significantly calms after the general elections in the Netherlands. The surprising weak turnout for the Eurosceptic Wilder party is the reason for investors to reconsider their pessimism about the union. In March, the sentix Euro break up Index eases below the 20-percentage point mark. Contagion risks, in contrast, remain high.

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sentix Investmentmeinung 12-2017

Written by Manfred Hübner | 27 March 2017
Posted in sentix Weekly

Währungen im Fokus

Entgegen unserer Erwartungen zeigt der Yen keine Schwäche, im Gegenteil. Nun dreht auch der Strategische Bias deutlich – und zwar gegen US-Dollar! – und wirbelt damit so einiges durcheinander. In jedem Fall müs-sen wir dieser Entwicklung Tribut zollen und schließen die USD-JPY-Empfehlung. Im Gegenzug verbessert sich das Gold-Setup – trotz relativ hoher Sentimentwerte!

Geänderte Einschätzungen: USD-JPY, Gold

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