sentix ASR Essentials 49-2015

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Written by Patrick Hussy | 06 December 2015
Posted in sentix Weekly

Macro optimism challenges medium-term positivity on Bunds

The latest sentix survey was set against a backdrop of markets that were digesting disappointment on ECB stimulus, along with OPEC news and robust US payrolls data. The most notable result was a big improvement in sentiment on Euro versus US Dollar, though survey readings are still only back to relatively neutral levels. On the other side of the sentiment divide, near-term sentiment towards Bunds has deteriorated. This chimes with the December sentix Economic Index for the Eurozone which revealed a further improvement in the headline index (+0.6 to +15.7), as well as survey readings that indicate ‘economics’ is seen a becoming more bond bearish as an ‘investment theme’. Macro views may provide a challenge to investors’ more positive opinion on Bunds from a medium-term strategic perspective. See Page 2 for charts.

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