sentix ASR Essentials 06-2017


Investors move back onto the defensive

The latest sentix survey suggests investors have become more defensive in their investment preferences. At an asset level, the large negative gap between views on the medium-term outlook for Eurozone bonds versus equities is continuing to close. Survey questions on investors’ opinions on the medium-term outlook for sectors versus the European market also reveal a less ‘risk-on’ bias, with readings on Energy, Basic Resources, Autos and Banks reversing some of their recent gains. On the other side of the sentiment divide, pessimism on Food & Beverage is lessening, while Healthcare readings bounced back from historic lows. On a similar tack in commodities, investors’ medium-term strategic bias on Gold is becoming more positive. In short, it appears that the ‘risk-on’ bias baked into investor sentiment is weakening. See page 2 for charts.

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