sentix ASR Essentials 48-2016

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Written by Patrick Hussy | 04 December 2016
Posted in sentix Weekly

Macro expectations bearish for Bunds and EZ versus US equities

The latest sentix survey Economic indices revealed a fall in eurozone economic expectations in December (down 4 points to 8.3) set against a post-US election jump in expectations for the US economy (the largest increase in US expectations in the survey’s history, at 20+ points). Such changes in economic expectations chime with investors’ less positive medium-term strategic bias on Eurozone (EZ) equities (see Chart 6, p3), as well as their negative implied bias on EZ versus US equities. In the case of bonds, economics are also seen as a notably bearish theme for Bunds, albeit investors have become a little less negative on the medium-term outlook for bunds as compared to a week ago (see Chart 9, p4). See Page 2 for charts.

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