sentix ASR Essentials 02-2018


Bond-sensitive sectors on the back-foot

Deep pessimism on bonds appears to be casting a long shadow across investors’ European sector preferences, with the latest sentix survey pointing to increased pessimism on bond sensitive sectors such as Utilities (which remains survey participants’ least-loved sector) and Telecoms versus the market. This is consistent with the notable relationship between investors’ medium-term strategic bias on bunds and their sentiment towards Telecoms (chart 2, page 2). While pessimism on Bunds is not extreme, sentiment readings have fallen towards the low-end of their historic range. Any bounce in eurozone bonds in the coming weeks may lend some near-term sentiment support to hard-pressed bond-sensitive sectors. See pages 2 and 3 for charts.

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sentix Investmentmeinung 01-2018

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Wie riskant sind US-Aktien?

Das Research-Portfolio hatte keinen guten Jahresausklang. Die von uns favorisierten Marktbewegungen sind überwiegend nicht so eingetreten wie erwartet, obwohl zum Teil sehr starke Signale vorlagen. Die-sem Umstand müssen wir Rechnung tragen und Position für Position betrachten: wo ist ein Comeback zu erwarten und wo müssen wir die Fehlprognose durch einen Stopp-Loss beenden?

Geänderte Einschätzungen: EuroSTOXX 50, EUR-JPY, Gold

Lesen Sie hier die Ergebniskommentierung (sentix Registrierung erforderlich)

sentix ASR Essentials 01-2018


Rising tide of equity optimism reaches highly elevated levels

The new year has started on the front foot for developed and emerging market equities, helped by still upbeat macro data and declining uncertainty on the near- term outlook for markets (see chart 7, page 3). In the case of global equities, the dominant near-term theme is now elevated optimism, with sentiment readings on indices in the US, Asia and the eurozone reaching the high-end of their historic range in the first week of 2018. The current highly elevated degree of optimism may be a near-term risk for equities as markets move into Q1. See Page 2 for charts.

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sentix ASR Essentials 52-2017


Silvester Edition

We wish all our survey participants a prosperous new year 2018!

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sentix ASR Essentials 51-2017

We wish all highly esteemed survey participants and all our customers a blessed Christmas.

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