sentix ASR Essentials 24-2015

Written by Manfred Hübner | 14 June 2015
Posted in sentix Weekly

Investors are a little more on the Defensive; but Utilities still unloved

The latest sentix survey suggests sentiment towards equity markets has modestly firmed after recent setbacks, though readings for the DAX and EuroSTOXX are only back to neutral levels, while readings based on investors’ views on markets from a medium-term strategic perspective are well down from recent highs. At the same time, investors’ equity sector preferences versus the market have tilted away from cyclical sectors towards defensives in the past month. Survey respondents continue to become less optimistic on sectors such as Autos, Chemicals and Industrial Goods & Services, while the recent revival in readings on Basic Resources and Energy has also begun to unwind. On the other side of the sentiment divide, investors have become a little more upbeat on Financial Services, Food & Beverage and Healthcare. However, they remain deeply pessimistic on Utilities. See Charts 2-3, page 2.

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Lowest sentiment for the Bund future since March 2012

Written by Sebastian Wanke | 08 June 2015
Posted in Special research

sentix Sentiment for the Bund future falls to its lowest level since March 2012 when the Greek debt was restructured. In the past such a bad sentiment among investors subsequently has led to a rise in the Bund future. This time, too, we interpret the extreme reading as a contrarian signal!

sentix Investmentmeinung 23-2015

Written by Manfred Hübner | 08 June 2015
Posted in sentix Weekly

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Konträre Bondsignale – Auch eine Chance für die Aktien?

Die bemerkenswerteste Veränderung im sentix-Datenkranz betrifft in dieser Woche den Bondmarkt. Der heftige Ausverkauf der letzten Wochen hinterlässt im Nervenkostüm der Anleger seine Spuren und drückt das Sentiment auf den tiefsten Stand seit März 2012. Gleichzeitig – und dies überrascht angesichts der Inflationswahrnehmung der Anleger – kann sich der Strategische Bias erholen. Im Ergebnis notieren wir ein Mehrjahrestief im Time Differential Index. In Anbetracht der hohen Korrelation zwischen der jüngsten Aktienmarkt- und der Rentenkorrektur dürfte es auch die Aktienanleger interessieren, wie gut die Chancen auf eine Erholung am Rentenmarkt stehen.

Geänderte Einschätzungen: China Aktien, Bund-Future, EUR-USD

Klicken Sie hier für die aktuelle Investmentmeinung (sentix Registrierung erforderlich)

Global momentum fades, but Japan takes off

Written by Sebastian Wanke | 08 June 2015
Posted in sentix Economic News

All in all, sentix Economic Indices point to lower dynamics in the world economy indicated by weaker 6-month expectations for the Global Aggregate. However, developments are rather heterogeneous among the regions: While investors trim back their expectations for the euro area and for Germany, they raise them for Japan and the US. And, at the same time, as a rate hike by the Fed this year becomes more probable, investors’ perspectives for the emerging-markets regions get cloudy.

sentix ASR Essentials 23-2015

Written by Patrick Hussy | 07 June 2015
Posted in sentix Weekly

Equity sentiment falls to low in 2015

Sentiment for stocks falls to its lowest reading in 2015. A positive feature is that investors’ basic conviction for the asset class remains high. This observation cannot be made for Chinese equities, though. Here, the negative setup intensifies. Interesting signals also pop up on the bond side. The Strategic Bias for the US Treasury future climbs to a new high in 2015. For the US dollar the air is getting thinner – against the euro as well as against the Japanese yen.