sentix ASR Essentials 22-2016

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Written by Patrick Hussy | 05 June 2016
Posted in sentix Weekly

EZ economic expectations favouring equities over bonds

The latest sentix survey underlines the continued interplay between macro and market expectations. In the case of the Eurozone (EZ), the sentix Economic Index has reached +9.9, its highest level this year. The improvement in eurozone economic expectations (with the sentix index also hitting a 2016 high) can also be seen in investors’ views on markets. For one thing, economics is seen as becoming a more bearish than bullish theme for eurozone bonds. For another, improving economic expectations chime with the recent turnaround in investors’ strategic bias towards equities (based on the EuroSTOXX Index) versus bonds (based on Bunds). EZ economic expectations are consistent with investors’ more constructive mediumterm views on equities versus bonds (see Page 2 for charts).

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