sentix ASR Essentials 14-2017

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Crude playing catch-up with Gold

The latest sentix survey reveals that while investors’ strategic bias on Eurozone (EZ) equities has become slightly less negative, the recent relative improvement in views on bunds versus EZ equities medium-term outlook remains intact. This chimes with survey readings that indicate that economic expectations are a less bearish theme for bonds. In a more recent development, there are also signs of a change of tack in commodities. While survey participants are maintaining a positive medium-term strategic bias on Gold, survey readings on Crude Oil have also edged back from recent lows. This suggests investors saw value in WTI oil around the $48pb level. The big strategic bias gap between oil and Gold may be beginning to close. See Page 2 for charts.

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