sentix ASR Essentials 22-2014

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Due to travelling, this week we publish no English commentary. Please check the sentix charts for yourself or read our German research.

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sentix ASR Essentials 21-2014

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Oil optimism burning more brightly

The sentix survey indicates that investor sentiment towards Commodities is continuing to improve. At an asset class level, sentiment readings are steadily pulling away from their Q1 lows (see Chart 3, page 2). At a market level, the latest survey revealed an especially sharp improvement in short and medium-term sentiment readings for Crude Oil (Chart 2). The past week has seen investors become markedly more upbeat on the outlook for Oil, albeit near-term survey readings are not yet extended in a historic context. In the case of Commodities overall, the improved tone of sentiment remains consistent with survey participants' more optimistic views on the outlook for Emerging Markets.

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sentix ASR Essentials 20-2014

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ECB relieves uncertainty overhanging Equity sentiment

The latest Sentix survey provides a timely view of investor opinion in the wake of the ECB's announcement of a raft of unconventional measures to support the economy and meet its inflation targets. On the Eurozone bond front, investors have become relatively neutral on the near-term outlook for Bunds, but optimism remains high-end on the medium-term. This chimes with survey readings that indicate that survey participants view economic developments as having become less bondbearish in the medium-term (Chart 2, page 2). Perhaps the more notable sentiment impact has been for equities, with medium-term sentiment on EuroSTOXX pulling further away from recent lows, in the wake of a sharp decline in investor uncertainty on the 6M outlook, as gauged by the Neutrality index (Chart 7, page 3).

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sentix ASR Essentials 19-2014

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Investor sentiment still poles apart on Equities, Euro & Bonds

The latest sentix survey provides a unique insight into investor opinion ahead of a potentially big week for Eurozone central bank policy news. On the equity front, survey participants have become more optimistic on the near-term outlook for the EuroSTOXX, but remain deeply pessimistic on the coming 6M (see Chart 2, page 3). Pessimism is also a feature on the Euro versus USD, though survey readings suggest that investors have become modestly less downbeat on the single currency in the past week (Chart 4). On the other side of the sentiment divide, survey readings on bonds are relatively positive, but suggest that medium-term optimism on both Eurozone and US bonds has weakened in the last couple of weeks (Chart 9, page 4). Overall, while the sentiment gap between Eurozone equities, bonds and FX has narrowed in recent days, medium-term survey readings remain poles apart.

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sentix ASR Essentials 18-2014

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Deep investor pessimism on EUR/USD persists

The latest sentix survey underlines that while survey participants have become a little less downbeat on the medium-term prospects for European equities, they remain deeply pessimistic on the Eurozone currency. Medium-term sentiment readings on EUR/USD are running at historic extremes (Chart 3, page 2), while pessimism on the near-term prospects for Euro versus USD is also becoming relatively extended in a historic context (Chart 4). In short, Sentix survey participants remain deeply pessimistic on the Euro versus USD in both the near and medium-term.

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