Bond investors forced into ultra-long maturities

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As yields approach the zero line for 10-year bunds investors are looking for ever longer maturities. This is the bottom-line from last weekend’s sentix survey on investors’ duration preferences. Their bias for German government bonds with a maturity of more than ten years is currently as strong as never before.

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Draghi put to the test: one out of two investors expects a “Grexit”

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In April, the sentix Euro Break-up Index jumps to 49.0% from a previous 36.8%. Thus, European politicians’ promises to pursue the scenario of Greece keeping the euro are not taken at face value by about the half of all investors. In 2012 Mario Draghi calmed down investors with his ultimate commitment to the euro. But is his pledge still valid for Greece today?

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sentix Investmentmeinung 17-2015

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Sentiment kontra Markttechnik

In der letzten Wochen haben wir in einem Update unseres Jahresausblicks (weitere Informationen finden Sie hier: http://www.sentix.de/index.php/sentix-Jahresausblick/jahresausblick-update-april-2015.html ) unsere bullishe Aktiensichtweise nochmals untermauert. Kurzfristig dagegen gibt es einen interessanten Widerstreit zwischen unseren sentix-Sentimentdaten auf der einen und der markttechnischen Verfassung auf der anderen Seite. Diesen gilt es aufzulösen, um das von uns im Update skizzierte Kurspotential freizusetzen.

Geänderte Einschätzungen: China Aktien

Klicken Sie hier für die aktuelle Investmentmeinung (sentix Registrierung erforderlich)

sentix ASR Essentials 17-2015

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Positioning provides reassurance on Equities

The latest sentix survey suggests that investors have become uncertain on the nearterm outlook for European equity markets, with sentiment dropping back to relatively neutral levels. However, they remain relatively upbeat from a mediumterm, strategic perspective (Charts 5/6, page 3). This chimes with survey questions looking at investors’ positioning, which indicate that the level of over-investment in equities modestly increased in the past month versus its long-term average, albeit it remains down from recent highs (Chart 3, page 2). Near-term uncertainties have yet to undermine optimism on the medium-term. In comparison, investors appear much less convinced on the prospects for Bunds over the medium-term, with survey readings falling back towards 12 month lows (Chart 10, page 4).

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A hangover after the party – sentiment collapses

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Sentiment for German equities has cooled down dramatically after the party the week before. Such a negative impulse is often followed by falling prices. But there is important reasons why a correction should not occur this time.

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