sentix ASR Essentials 03-2018


Commodity optimism heading towards high-water mark

At an asset level, the latest sentix survey revealed that investors are becoming less positive on the medium-term outlook for both eurozone equities and bonds. In contrast, a rising tide of optimism has lifted sentiment readings on commodities to relatively elevated levels, while medium-term strategic bias readings on Gold are also nearing 2016 highs. A lot of positive sentiment is baked into commodities as a grouping, which may leave them at risk should dollar strength re-emerge or macro data challenge the strong global growth narrative. History suggests any reversal in commodities might also undermine sentiment towards emerging equity markets, which also remains elevated. See charts 2-4, p2.

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