Weitere defensive Sektoren als Short-Kandidaten - Sektor-Report - 10.25

Written by Manfred Hübner | 13 October 2025
Posted in Special research

There are no translations available.

Aktuell gibt es im Sektor-Sentiment mit den Automobilen nur einen extrem negativen Ausreißer. Die Branche scheint ausgebombt zu sein, eine positive Stimmungsdivergenz macht dem Contrarian Mut. Im SSPM (Seite 2) wird deutlich, dass es ansonsten in keinem Sektor eine Verweigerungshaltung gibt, die eine zusätzliche Übergewichtung rechtfertigt. Auf der Gegenseite drängen sich weitere defensive Branchen für eine Untergewichtung auf. Mit Versorger und Telekom haben wir ja bereits zwei Vertreter im Bestand. Was mag dies für die Entwicklung des Gesamtmark-tes bedeuten?

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sentix Survey results (41-2025)

Written by Patrick Hussy | 12 October 2025
Posted in sentix Weekly

Too much of a good thing?

The past week has seen a series of news items, each of which could be hugely explosive in its own right. New tariff disputes between the US and China, a magical deal between AMD and Open AI, a stubborn shutdown in the US, peace in Gaza and government turmoil in France and Japan. The market cheers winners, the market penalises potential losers. Was this news perhaps too much of a good thing? There is movement on the currency market, where the US dollar is beginning to appreciate against the euro. There is also movement in precious metals.

Further results

Bonds: US Treasuries can hardly benefit
Precious metals: Bias decline indicates profit-taking
sentix sector sentiment

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Frankreich, der neue High Yield Markt - Makro Report - 10.25

Written by Manfred Hübner | 06 October 2025
Posted in Special research

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In den sentix Konjunkturdaten spiegelt sich eine leichte Entspannung. Die Anleger korrigieren ihre negative Einschätzung des Vormonats, ohne jedoch ein neues Szenario aufzubauen. Aktien bleiben aus Makrosicht risikobehaftet, während bei den Bonds am ehesten die US-Anleihen leichtes Potenzial versprechen. Der Yen bleibt makroseitig Aufwertungskandidat, auch wenn kurzfristig politisch ein anderer Wind zu wehen scheint. Wir erweitern aus aktuellem Anlass unser Steepness-Barometer sowie die Horizontanalyse um die Euroland-„Highyielder“ Frankreich.

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sentix Survey results (40-2025)

Written by Manfred Hübner | 05 October 2025
Posted in sentix Weekly

Equity sentiment is turning bullish

The mood on the stock markets has brightened considerably over the course of the week. Investors are hopeful for the typical year-end rally. However, there remains an interesting divergence between the AAII US data and the sentix data. While investors in the sentix survey remain considerably irritated, we measure a high degree of polarisation in the AAII data. Signs of exhaustion are spreading among precious metals.

Further results

FX: Strategic bias is falling for EUR-USD and USD-JPY
Precious metals: First signs of exhaustion
sentix economic indices: Monday October 6^th 2025, 10.30h CEST

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New (global) hope

Written by Manfred Hübner | 05 October 2025
Posted in sentix Economic News

The October data from the sentix economic index paints a surprisingly positive picture of the international economy. Across all regions, the more than 1,100 professional and private investors surveyed reflect an improvement in the situation and expectations. This is particularly surprising given the shutdown that has begun in the United States. Mixed signals are also coming from the eurozone. Germany in particular continues to face strong headwinds, as reflected in the real data. Investors appear to have overreacted somewhat pessimistically in September. However, the Asian region is also making an increasingly positive impression.