sentix ASR Essentials 18-2015


Time differential positive for German equities

The latest survey highlights a notable divergence of opinion on German equities. On one hand, investor pessimism on the near-term outlook for the DAX has sharply increased. On the other, participants’ views on the medium-term strategic value of German equities are running at relatively elevated levels. The net result has been a marked decline in the sentix Time Differential Index – which measures the difference between near and medium-term readings – to levels last seen in August 2014 and September 2013 (see Chart 2, page 2). This is notable given the sentix team views weak short-term sentiment set against a still healthy medium-term perception of value in an asset among market participants as a positive development.

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