sentix ASR Essentials 19-2015

Written by Patrick Hussy | 10 May 2015
Posted in sentix Weekly

Sentiment shaken; but sector opinions not stirred

The latest sentix survey suggests sentiment towards Equity markets has firmed a little after recent setbacks – albeit readings for the DAX and EuroSTOXX are only modestly positive – while respondents’ views on markets from a medium-term strategic perspective remain around recent highs. Monthly survey questions on investors’ views on European sectors versus the market also suggest little in the way of a dash for safety. In terms of the defensive sectors, while Healthcare readings have revived, Food & Beverage sentiment has edged lower. In the case of the cyclicals, optimism on Autos has modestly weakened from its elevated levels, but Chemicals and Construction sentiment has improved. The revival in Energy sentiment also remains on track (Chart 3, page 2). It appears that the testing start to May has not materially impacted investors’ Equity sector preferences.

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Buying signal for German stocks

Written by Sebastian Wanke | 04 May 2015
Posted in Special research

Sentiment for German equities has deteriorated markedly. Currently it is as low as it last was at the beginning of October 2014. But investors’ basic conviction for the asset class increases and now stands close to its record high. As a result, the sentix Time Differential Index sends a clear buying signal!

sentix Investmentmeinung 18-2015

Written by Manfred Hübner | 04 May 2015
Posted in sentix Weekly

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"Hoffen" bei Aktien, "beten" bei Bonds

Die Vorwoche hat so manchen Anleger in Aktien erschreckt. Das sentix-Sentiment ist nach den deutlichen Kursverlusten weiter eingebrochen und notiert nun auf dem niedrigsten Stand des Jahres! Gleichzeitig zeigen sich die Anleger auf mittlere Sicht aber keineswegs geschockt, im Gegenteil: Vor allem die Profis nehmen ihren Strategischen Bias sogar weiter nach oben. All dies vollzieht sich vor dem Hintergrund einer heftigen Bondmarktkorrektur, die sentix-Leser kaum überraschen wird – und die wohl noch nicht beendet ist! An den Währungsmärkten dagegen steht durchaus eine Zäsur an, der US-Dollar könnte mit erneuter Stärke (!) glänzen.

Geänderte Einschätzungen: EUR-USD

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Eastern Europe helps Austria

Written by Sebastian Wanke | 04 May 2015
Posted in sentix Economic News

In a particularly remarkable way the composite index for Austria rises this month. It signals that after a long peri-od of weakness a recovery has returned to the country. An important reason for this should be the relaxation of the tensions in Ukraine. Austria benefits strongly from economic improvements in Eastern Europe as it has firm ties with the region. Apart from this, the upturn in the euro area stabilises. And while the assessment of the current US situation weakens, 6-month expectations for the United States are back on the rise!

sentix ASR Essentials 18-2015

Written by Patrick Hussy | 03 May 2015
Posted in sentix Weekly

Time differential positive for German equities

The latest survey highlights a notable divergence of opinion on German equities. On one hand, investor pessimism on the near-term outlook for the DAX has sharply increased. On the other, participants’ views on the medium-term strategic value of German equities are running at relatively elevated levels. The net result has been a marked decline in the sentix Time Differential Index – which measures the difference between near and medium-term readings – to levels last seen in August 2014 and September 2013 (see Chart 2, page 2). This is notable given the sentix team views weak short-term sentiment set against a still healthy medium-term perception of value in an asset among market participants as a positive development.