sentix ASR Essentials 18-2017


A less negative bias on bunds versus EZ equities

A couple of interesting angles emerged from the latest sentix survey. In a relative market context, the gap between investors’ medium-term strategic bias on bunds versus Eurozone equities continues to close even though the relative path of price performance is still heading lower. This reflects a still negative medium-term bias on equities, set against a sharply improving bias on bunds (see Chart 9, p4), which chimes with survey readings that indicate that economic expectations are seen as a slightly less bearish theme for bonds. There are also signs of a change in investors’ medium-term views in commodities, with survey participants having become a little less negative on the medium-term outlook for Crude Oil, even as prices have dropped below $50pb. See Page 2 for charts.

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