sentix ASR Essentials 40-2014

Written by Patrick Hussy | 26 October 2014
Posted in sentix Weekly

Pessimism a little less marked on Equities

The latest sentix survey indicates that pessimism towards equities has begun to ease, both in terms of participants' views on the near-term and their medium-term, more strategic opinion on markets. A less pessimistic attitude can also be seen in investor positioning, with the level of over-investment in equities among survey respondents having moved back to longer-term average levels (Chart 3, page 2). While bonds have been the near-term sentiment losers from this change of investor tack, survey participants' over-investment in European bonds is still above long-term average levels (Chart 10a, page 4). It is still early days with regards to the swing in sentiment back from bonds towards equities.

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sentix IPO Sentiment: Das tat weh

Written by Manfred Hübner | 20 October 2014
Posted in Special research

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Die enttäuschenden Börsengänge am deutschen Aktienmarkt haben die IPO Stimmung der Anleger massiv gedrückt. Das sentix IPO Sentiment kippt um 20,25 Punkte ab und notiert nun mit -39,75 Punkten auf dem niedrigsten Stand seit Juni 2012! Damit haben Rocket Internet und Zalando ihren potentiellen Emissionsnachfolgern einen echten Bärendienst erwiesen.

sentix ASR Essentials 39-2014

Written by Manfred Hübner | 19 October 2014
Posted in sentix Weekly

Emerging Market sentiment plays catch-up with Commodities

The latest sentix survey indicates that the notable divergence in opinion on the Emerging Markets (EMs) and Commodities has begun to close. In recent months, a rising tide of optimism towards EMs as an asset class has provided an unusual counterpoint to deep pessimism on Commodities. An odd development given sentiment towards both asset classes has historically had a reasonably close relationship. However, this month’s questions’ on asset class preferences indicate that investors have begun to temper their optimism on EMs. While there remains a notable sentiment gap, Emerging Market sentiment has begun to play catch-up with Commodities.

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Chemicals shares lose their status as darlings

Written by Sebastian Wanke | 14 October 2014
Posted in Special research

In October, the sentix Sector Sentiment which was polled via the latest sentix Global Investor Survey sends a clear message: investors increasingly like shares of defensive sectors and turn their backs at cyclical stocks. Among these, chemicals shares experience a particularly strong setback in sentiment this month. They now have finally lost their status as "darlings" among investors, but their disenchantment is set to continue.

sentix ASR Essentials 38-2014

Written by Patrick Hussy | 12 October 2014
Posted in sentix Weekly

Signs that sentiment gap between EMs and Commodities is narrowing

A notable feature of the sentix survey through the summer has been the resilience of sentiment towards Emerging Markets (EMs), at a time when pessimism has been the dominant theme in the case of Commodities. On this front, medium-term sentiment readings for Gold and Crude remain at deep pessimism levels, while nearterm pessimism on Crude is running at historic extremes. However, there are signs that sentiment on the equity front may be changing, with survey readings based on the strategic medium-term outlook for China 'bluechips' beginning to retreat from recent highs (Chart 2, page 2). It may be that the unusually large sentiment gap between EMs and Commodities is beginning to close.

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