sentix ASR Essentials 15-2017

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Written by Manfred Hübner | 16 April 2017
Posted in sentix Weekly

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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Written by Manfred Hübner | 10 April 2017
Posted in sentix Weekly

There are no translations available.

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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sentix ASR Essentials 14-2017

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Written by Patrick Hussy | 09 April 2017
Posted in sentix Weekly

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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sentix Investmentmeinung 13-2017

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Written by Manfred Hübner | 04 April 2017
Posted in sentix Weekly

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Heftiges Durcheinander

Eine extrem seltene Konstellation hat sich an den Märkten ergeben. Der markante und noch immer andauernde Abbau im strategischen Grundvertrauen der Aktienanleger dauert an, ohne jedoch die sich normalerweise daraus ergebenden Risiken in den Märkten zu erzeugen. Umgekehrt stehen aber japanische Aktien, mit der relativ besten Datenlage, besonders unter Druck. Der Yen reflektiert hier eine Bewegung aus dem Risiko. Ein ganz schönes Durcheinander!

Geänderte Einschätzungen: keine

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sentix ASR Essentials 13-2017

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Written by Patrick Hussy | 02 April 2017
Posted in sentix Weekly

High underlying uncertainty on eurozone equities

The latest sentix survey underlines investors’ deeply negative medium-term strategic bias on equity markets in Europe, Japan and the US. In the case of the US, strategic bias readings on the S&P 500 are not far from historic lows. While optimism on the near-term outlook for indices has increased in the last couple of weeks, it has done nothing to shake investors’ downbeat convictions on the medium-term. At the same time, sentix neutrality indices suggest a high degree of underlying uncertainty on the medium-term outlook for eurozone indices such as the DAX and EuroSTOXX. Taken together this suggests potential for a pick-up in volatility as Q2 unfolds. See Charts p2.

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