sentix Survey Essentials (English)

A less bond-bullish view of macro themes

The latest sentix survey indicates that investors remain optimistic on the mediumterm,more strategic outlook for eurozone bonds, albeit readings are down on their early-October highs. In the near-term, however, sentiment is more neutral, while the survey also reveals a high degree of 'neutrality' on the near-term outlook. Such uncertainty is consistent with investors' views on the macro backdrop, with investment themes such as inflation and economics being seen as having become a little less bond-bullish on a six month view (see Chart 3, page 2). The tide of medium-term optimism on bonds is still rising. However, beneath the sentiment surface, it is also apparent that a degree of uncertainty on the near-term has emerged.