sentix ASR Essentials 02-2015


Energy remains deeply unloved

The latest sentix survey underlines that investors’ views on sectors have begun to shift in recent months. On one hand, optimism on Healthcare has become less extreme, while the past month saw a reversal in survey readings on Retail, Food & Beverage and Media versus the market. On the other, survey participants have become less cautious on the six month outlook for Cyclical sectors such as Industrial Goods & Services, Autos and Chemicals. Indeed, pessimism on Basic Resources has also become less marked in the past month. However, as yet there are no signs of a change of heart towards Energy. While investors have become increasingly optimistic on the medium-term outlook for Crude Oil, pessimism remains the dominant survey theme on the Energy sector relative (see Charts 2 to 4, page 2).

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sentix ASR Essentials 01-2015


Caution evident on medium-term outlook for Eurozone Bonds

The latest sentix survey suggests that investors are entering the New Year with some familiar convictions on the medium-term outlook for markets. On the one hand, while investors are relatively neutral on the near-term outlook for Equities, they are becoming increasingly upbeat on indices from a medium-term, more strategic perspective (see Page 3). On the other, it appears that a growing belief in a brighter economic outlook for Germany and the Eurozone is tempering their enthusiasm for Bonds. The first survey of 2015 included responses on the macro outlook. These revealed that participants viewed economics as continuing to become less bond-bullish on a six month view (see Chart 3, page 2). While bond yields remain on a downward path, it appears that improving macro views are tempering investors' enthusiasm for Eurozone bonds in the medium-term.

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Ergebnisse des sentix Global Investor Survey (KW 52-2014)

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Neue 52-Wochenhochs im Strategischen Bias zeigen eine enorme Zuversicht für den Aktienmarkt an. Beide Anlegergruppen hegen zunehmend Kaufabsichten und setzen diese auch um (siehe Seite 4).

Lesen Sie hier die Ergebniskommentierung (sentix Registrierung erforderlich)

Aufgrund der Weihnachtsfeiertage entfällt in dieser Woche die Investmentmeinung. Wir bitten um Verständnis.

sentix ASR Essentials 48-2014


Emerging Market and Commodity bright-spots

The latest sentix survey indicates that investors are becoming increasingly downbeat on the medium-term outlook for Emerging Equity Markets as 2014 draws to a close, in an echo of the notable pessimism evident on Commodities as an asset class (albeit monthly survey readings are above their 2014 low point). However, behind their asset class preferences, there are a couple of noteworthy developments. Firstly, on the Emerging Markets front, survey respondents remain optimistic on the Chinese market from a medium-term, strategic viewpoint. Secondly, on Commodities, they are also becoming more upbeat on Crude in the medium-term. There are some brighter spots in the sentiment gloom that overhangs both Emerging Markets and Commodities as an asset class.

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sentix ASR Essentials 47-2014


Cyclicals sentiment upswing yet to reach Energy and Resources

The latest sentix survey suggests that investors' views on sectors have begun to shift in the last couple of months. On one hand, survey respondents have become less optimistic on the prospects for Telecoms and Healthcare versus the market. On the other, they are now less cautious on the six month outlook for Cyclical sectors such as Industrial Goods & Services, Autos and Chemicals. As yet, however, deep pessimism remains the dominant survey theme on Basic Resources and Energy. Such pessimism echoes the extreme negative near-term sentiment towards Crude Oil, though on this front there are signs that investors are becoming less pessimistic on a medium-term, more strategic perspective (see Charts 2 to 4, page 2).

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