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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