sentix ASR Essentials 25-2017

Print

High underlying uncertainty points to volatility pick-up

The latest sentix survey indicates that investors are now only modestly pessimistic on the near-term outlook for equities, set against a medium-term strategic bias that has seen a marked improvement in recent months. However, highly elevated sentix neutrality indices suggest that there is also an underlying uncertainty on the nearterm outlook for equity markets. This fits in with survey positioning data which suggest that over-investment in equities is running at below longer-term average levels. It is a similar story in bonds, with near-term neutrality highly elevated on bunds. The risk is that such high uncertainty leads to a pick-up in volatility in equities and bonds over the summer. See Charts 2-4, p2.

Click here for the full report

sentix Investmentmeinung 24-2017

Print
There are no translations available.

Eine mehr als bescheidene Korrektur

Die Idee, auf eine Korrektur der US-Aktien zu setzen, war eigentlich gar nicht so schlecht. Doch mehr als 2-3 Tage Kursschwäche sind anscheinend einfach nicht drin. Schon eine 2% Schwäche reicht aus, das Sentiment auf so niedrige Werte zu drücken, dass eine weitere Spekulation auf fallende Kurse keinen Sinn mehr macht.

Geänderte Einschätzungen: S&P, Nasdaq 100

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

sentix ASR Essentials 24-2017

Print

Commodity caution a challenge for EM equity sentiment

The latest sentix survey indicates that investors have become a little less negative on the medium-term outlook for Chinese equities recently, while sentiment towards emerging market (EM) equities as an asset class has also modestly improved. However, the risk is that continued caution on commodities begins to act as a drag on EM equity sentiment, given their historic relationship. While investors are becoming less negative on Crude oil from a medium-term strategic perspective, this has done little to lend support to sentiment towards commodities as an asset. Increasing investor caution on commodities provides a challenge to a sustained revival in sentiment towards emerging market equities. See Charts 2-4, p2.

Click here for the full report

sentix Investmentmeinung 23-2017

Print
There are no translations available.

Negative Vorzeichen für US-Aktien

Bekommen die institutionellen Anleger Recht und reagieren die Märkte mit steigenden Kursen auf den verbesserten Strategischen Bias? Oder setzt sich doch das belastende technische Marktumfeld durch, welches aufgrund der negativen Momentumdivergenzen eine Konsolidierungsnotwendigkeit anzeigt? Bei US-Aktien stellt sich diese Frage nicht.

Geänderte Einschätzungen: S&P, Nasdaq 100

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

sentix ASR Essentials 23-2017

Print

Energy sector pessimism close to historic extremes

Survey questions on investors’ views on the medium-term outlook for European sectors reveal fading optimism on cyclical sectors such as Autos and Chemicals, alongside a receding tide of optimism on Technology from highly elevated sentiment levels. In this respect, the survey chimes with last week’s late sell-off in US technology stocks. At the other end of the sentiment spectrum, the gradual improvement in sentiment towards Telecoms continues, but pessimism on Energy is again close to historic extremes. Energy remains deeply unloved, though investors less negative view on the medium-term outlook for Crude Oil may provide a welcome beacon amidst the prevailing sentiment gloom. See page 2 for charts.

Click here for the full report

We use cookies to personalize our content, to auto-login to our website and to improve your experience when using it. Cookies used for the essential operation of the site have already been set. To find out more about the cookies we use and how to delete them, see our privacy policy.

I accept cookies from this site.

EU Cookie Directive Module Information