sentix Investmentmeinung 15-2017

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Risikowahrnehmung steigt, adäquate Portfolio-Anpassung fehlt

Wir werden nicht müde, auf die risikobehaftete Situation an den Märkten hinzuweisen. Der Vergleich zum Jahr 2006 ist weiter intakt und gibt für uns bislang das Drehbuch für die nächsten Wochen vor. Interessant ist an diesem Wochenende, dass sich die Wahrnehmung insbesondere zu kurzfristigen Risiken deutlich erhöht hat. Sichtbar wird dies am Sentiment zu den Aktienmärkten, einem binnen 4 Wochen verdoppelten VSTOXX und beim Stimmungsbild für Gold. Eine adäquate Anpassung in den Portfolien erfolgte jedoch nicht.

Geänderte Einschätzungen: keine

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sentix ASR Essentials 15-2017

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USD/JPY and EUR/USD in the sentiment spotlight

The latest sentix survey reveals some interesting FX developments. Pessimism on USD/JPY has reached five year extremes and is consistent with growing near-term pessimism on Japanese equities. A bounce-back in sentiment on dollar-yen would, accordingly, likely support sentiment towards the Nikkei 225. In the eurozone, increasing levels of ‘neutrality’ on the near-term outlook for EUR/USD point to heightened uncertainty on the euro ahead of the French election. However, any election uncertainties have done little to undermine investors’ increasingly positive medium-term strategic bias on the euro versus the US dollar. FX is in the sentiment spotlight on a couple of fronts. See page 2 for charts.

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sentix Investmentmeinung 14-2017

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Wenn es so käme wie 2006 ...

Wie in den letzten Wochen an dieser Stelle bereits mehrfach erörtert, gleicht die aktuelle Datenlage für Aktien der von 2006. Aus diesem Grund wollen wir uns diese Parallele nochmals genauer anschauen, um Orientierungspunkte für die aktuelle Marktentwicklung abzuleiten.

Geänderte Einschätzungen: keine

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The situation in Euroland continues to grow

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The Euro area is making further economic progress. The assessment of the economic situation by professional and private investors questioned by sentix is exceptionally good. Prior to the important presidential elections in France, the Euroland economy's current situation index has risen to its highest level since January 2008. Expectations are also rising slightly. The Eurozone thus stands out positively from other global regions.

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sentix ASR Essentials 14-2017

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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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