sentix ASR Essentials 06-2016

Written by Patrick Hussy | 14 February 2016
Posted in sentix Weekly

Still backing away from Banks

The latest sentix survey suggests investors are becoming a little less downbeat on equities from a medium-term perspective and a little less upbeat on bonds. At the same time, in terms of their sector preferences, survey participants have also become less negative on cyclical sectors such as Basic Resources, Autos and Chemicals versus the market in the past month. However, there is little sign of a change of heart on the Financials, with survey readings on Banks now close to historic lows (see Page 2 for charts). The good news is that  such deep-rooted pessimism on Banks has not, as yet, curbed the recent revival in investors’ views on the medium-term outlook for equity markets.

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sentix Investmentmeinung 05-2016

Written by Manfred Hübner | 08 February 2016
Posted in sentix Weekly

Gold sendet Preissignal – Aktien kurzfristig überzogen

Der Deutsche Aktienindex markiert zum Wochenstart ein neues Jahrestief. Unterhalb von 9.000 Punkten hatten auch wir ihn zu diesem Zeitpunkt im Jahr nicht erwartet. Während sich bei den Anlegern nun Pessimismus zeigt und manch ein Kommentator der Verzweiflung nahe ist, signalisieren die sentix Daten erstmals in 2016 eine Chance zum taktischen Long-Einstieg. Signale sendet ebenfalls der Goldpreis, unser Anlagefavorit aus dem sentix Jahresausblick 2016.

Geänderte Einschätzung: DAX, EuroSTOXX 50, S&P 500, Nikkei, USD-JPY

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

sentix ASR Essentials 05-2016

Written by Patrick Hussy | 07 February 2016
Posted in sentix Weekly

Macro and dollar concerns boost Bonds, Gold and EUR/USD

The latest sentix Economic survey underlines the degree to which participants have become downbeat on the global economic outlook, as momentum in Germany and the US has faltered. The eurozone overall index fell over 3 points to +6.0 in February, while the US index declined to its lowest level since October 2012 (at +3.7). Such macro caution is casting a long shadow across investors’ views on the medium-term outlook for markets. For one thing, heightened uncertainty over the global macro outlook is an increasingly positive theme for bonds. For another, recent dollar weakness chimes with an increasingly positive medium-term strategic bias on Gold, alongside an ever-more upbeat bias on EUR/USD. See Page 2 for charts.

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sentix Investmentmeinung 04-2016

Written by Manfred Hübner | 01 February 2016
Posted in sentix Weekly

Paukenschlag der Bank of Japan

Vor zwei Wochen wagten wir einen Ausblick auf die nachfolgenden Notenbanksitzungen. Während es bei EZB und Fed relativ klar war, dass wenig Substantielles geliefert werden würde, war für uns die Bank of Japan eine Blackbox. Tatsächlich war es die BoJ, die am Freitag die Marktteilnehmer mit einem Maßnahmenpaket überraschte. Dieses Paket, seine Wirkung auf die Anleger und Märkte betrachten wir in unserer aktuellen Investmentmeinung.

Geänderte Einschätzung: US-Bonds

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

sentix ASR Essentials 04-2016

Written by Patrick Hussy | 31 January 2016
Posted in sentix Weekly

Festive hangover yet to lift from Equity sentiment

It has been a chastening start to 2016 for risk assets, with the European and US equity markets ending the month down 7% despite a firmer showing last week. The latest sentix survey suggests the recent bounce in oversold equity markets has done little to lift investors’ spirits. The level of survey participants’ over-investment in equities has fallen below longer-term average levels. Perhaps more worryingly, the survey also suggests investors are becoming ever-more downbeat on the mediumterm strategic outlook for equities (see Charts 2 & 3, P2). Deep pessimism remains the dominant theme on equities, while on the other side of the sentiment divide investors are becoming more upbeat on the strategic outlook for bonds (P4).

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