sentix ASR Essentials 37-2014

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Bunds sentiment supported by macro views

The latest sentix survey underlines the rising tide of optimism towards eurozone bonds, both in the near-term and on a medium-term strategic viewpoint. Such optimism may reflect expectations that the ECB could move into the market to purchase government bonds. However, it is also consistent with investors' views (as expressed when answering monthly questions on investment themes) that the inflation and economic backdrop continues to become more bond-bullish on a six month view (see Charts 2/3, page 2). That said, while the tide of optimism is rising, the survey also suggests that medium-term 'neutrality' levels on bunds are also becoming elevated. A degree of uncertainty on bunds remains beneath the sentiment surface.

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New company brochure

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In this year, sentix is for the first time exhibitor on the IFTA conference. For this event, technical analyst from all  parts of the world come to the conference location. The conference is held from October 9th to October 11th, 2014.

For this event we have created a new company brocure. Please have a look and let us know what you think!

Bloomberg updates finished

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As we have written in our sentix database newsletter (April 2013), we have completed the integration of all new sentix series into the Bloomberg system. The overview pages will be up to date within the next days (see SNTX<GO> ff.).

With the completion of this task, we will delete outdated ticker symbols from our database. For example, you find the medium-term expectations of investors now in the indicator family SNTB sentix Strategic bias instead of the group SNTM sentix Market sentiment. Also, all positioning information is now available in the SNTA indicator family. Discontinued series will be marked in the Bloomberg system as "historic" and not updated anymore.

If you have any questions regarding our database or the changes made, please contact us anytime.

Economic weakness does not undermine confidence in euro integrity

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The sentix Euro Break-up Index (EBI) decreases in September from 8.2% to 7.7%. It again stands very close to its all-time low registered in July although economic assessments of investors have deteriorated markedly since then. Consequently, investors do currently not expect economic weakness to harm the euro. But the national EBIs of Greece and Italy disappoint nevertheless.

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sentix ASR Essentials 36-2014

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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).

Click here for the full report (sentix registration necessary)

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