sentix ASR Essentials 12-2017
26 March 2017
Strong strategic bias themes evident in Equities, FX and Oil
Several strong themes have emerged from the sentix survey in terms of investors’ strategic bias. Investors appear to remain unconvinced about the medium-term outlook for global equities, with strategic bias readings declining for indices in Europe, the US and Japan. In the case of the Eurozone, this has resulted in participants’ strategic bias on bunds versus equities becoming much less negative in recent months. At the same time, survey participants have become more positive on the medium-term outlook for the euro versus the US dollar, likely helped by the Fed’s recent more ‘dovish’ rate hike than had been expected. However, expectations of a weaker dollar have done little to change investors’ medium-term bias on Crude Oil, with strategic bias readings now not far from their 2015 lows. Strong strategic bias themes are evident in survey readings on Equities, FX and Oil. See Charts p2.
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