sentix ASR Essentials 36-2014


High uncertainty on Equities even as sentiment revives

While sentix survey respondents remain highly pessimistic on the Euro, there are signs that optimism is returning in terms of the medium-term outlook for Eurozone bonds and equities (see Charts 6 & 9, pages 3 & 4). In the case of equities, the revival in medium-term sentiment readings on the likes of the DAX and EuroSTOXX indices has occurred despite heightened pessimism over the near-term outlook. It may be that investors have begun to see value in equities after their summer setbacks. However, the improved tone of sentiment has also been set against a reduced level of over-investment in equities, based on the monthly survey questions on investor positioning. Equity sentiment on the medium-term is improving, but uncertainties have not gone away, as indicated by positioning and elevated 'neutrality' levels (see Chart 7, page 3).

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