sentix ASR Essentials 18-2016

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Written by Manfred Hübner | 08 May 2016
Posted in sentix Weekly

Nikkei knocked back by deteriorating macro expectations

The latest sentix survey underlines the continued interplay between macro and market expectations. In the case of Japan, a bounce-back in economic expectations as Q1 drew to a close proved short-lived, with monthly readings weakening in the past month to -8.5 (from -5.5). This chimes with a reversal in readings based on investors’ medium-term strategic bias on the Nikkei 225, which are drifting back towards recent lows after briefly recovering in early April. Investors’ views on the Japanese equity market remain clouded by concern about its economic outlook. The only beacon amidst the gloom on Japan is provided by FX, with signs that survey participants have become a little less negative on USD/JPY in the medium-term (see Page 2 for charts).

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