sentix ASR Essentials 10-2018

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Autos sentiment goes into reverse

The latest sentix survey indicates that investors have become modestly optimistic on the near-term prospects for equities, though at the same time they remain deeply downbeat on the medium-term outlook, as gauged by their strategic bias on indices such as the EuroSTOXX. Monthly survey questions on investors’ views on European sectors also point to underlying caution, with pessimism on defensive sectors such as Telecoms, Utilities and Food & Beverages receding in recent months. In contrast, sentiment has weakened on several cyclical sectors, with Autos now the least liked European sector in a relative context after a big sentiment reversal in the past month. See page 2 for charts.

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sentix Investmentmeinung 09-2018

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Trumps Agenda

Das spannende Wahlwochenende in Europa brachte weitgehend die erwarteten Ergebnisse. Während die SPD den Weg zu einer Regierungsbildung in Deutschland öffnete, dürfte dies in Italien schwer wer-den. Kurzfristig sind damit aber zwei Unsicherheitsfaktoren aus dem Weg geräumt. Ein neuer Problem-herd weit größerer Dimension braut sich aber in den USA zusammen.

Geänderte Einschätzungen: S&P 500

Lesen Sie hier die Ergebniskommentierung (sentix Registrierung erforderlich)

sentix ASR Essentials 09-2018

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High pessimism ahead of Italy's election

An emotional week lies behind us, which has created a lot of emotional extremes. Investors got cold feet before the two important votes in Germany (SPD vote on Groko) and Italy (parliamentary election). It is noticeable that the asset classes in Italy are strategically assessed even more critically than their European counterparts. Is this an anti-cyclical opportunity?

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sentix Investmentmeinung 08-2018

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Strategischer Bias bleibt vor Italien-Wahl schwach

Die auffälligste Entwicklung im sentix-Datenkranz bleibt die Schwäche des Strategischen Bias. Bei viele Aktienmärkten registrieren wir neue 26-Wochen-Tiefs. Diese Entwicklung steht bislang noch in einem gewissen Widerspruch zur konjunkturellen Zuversicht der Anleger. Auch die anstehenden Wahlen in Italien lassen die Anleger kalt.

Geänderte Einschätzungen: keine

Lesen Sie hier die Ergebniskommentierung (sentix Registrierung erforderlich)

sentix ASR Essentials 08-2018

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Mind the big strategic bias gap between Gold and Oil

The latest sentix survey underlines the large gap that remains in terms of investors’ medium-term strategic bias on Gold compared to Crude oil. This in part reflects investors’ increasingly downbeat view on the outlook for oil, with survey readings now close to historic lows. However, the unusually large gap is also consistent with this year’s dollar weakness. On this front, it is notable that in recent weeks optimism on Gold has begun to recede as sentiment on USD/JPY has reversed from lows. Gold sentiment may be further tarnished if the dollar’s revival continues. It could also challenge investors’ polarised views on the medium-term outlook for Gold as compared to oil. See charts 2-4, p2.

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