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Brse Frankfurt-News: Profit taking on both sides (market sentiment) | News

Wednesday, February 14th, 2018 | bitcoin updates

FRANKFURT (GERMAN-BOERSE AG) – February 14, 2018. While international investors seem to be turning their backs on German blue chips, investors here are persistently optimistic. What could bring them into an uncomfortable situation. That it would not be a normal correction in the DAX, we had feared in the previous week. And since our previous survey, there was only a rebound of just 200 DAX counters right after, before it went down with the stock market barometer to just before the 12,000 line. After all, there is only a minus of 1.3 percent left over from the bitter price losses on balance (point-related). However, if one looks at yesterday's BofA Merrill Lynch survey among global fund managers, it becomes clear that the proportion of those who are overweighted in equities , fell from 55 to 43 percent on February 8 net. However, this freed up money has not flowed into bonds, but has ensured that the cash management of asset managers has increased to 4.7 percent from 4.4 percent in the previous week. By the way: As the biggest market risk, fund managers continue to see rising inflation linked to a bond crash. And so it is not surprising that the fund managers are underweight to 69 percent in bonds underweight – a record. While 70 percent of the surveyed investors worried about whether the global economic cycle could be in its late stages, the world in this country is quite different estimated. After all, the optimism of the institutional, medium-term oriented investors we surveyed continues unabated: the Frankfurt Sentiment Index, with a score of +33 points, has exactly the same value as in the previous week. However, this optimism conceals a steadily declining polarization of bulls and bears – both groups have shrunk by 6 percent each of the respondents, so that at least these players in the highly volatile phase of the DAX have apparently taken profits by short-acting dexterity. Outflows of foreign capitalGewinne The private investors, whose stock market Frankfurt sentiment index has fallen by 16 points to +17 points, in contrast to its institutional counterparts, have also taken part. Here, it has been largely profit-taking from bullish positions that has caused this decline – more than three-quarters of these former optimists have moved to the neutral group, while the other players have gone straight to the short side Last week, the high level of optimism, especially among institutional investors, is worrying. Especially considering that the investors interviewed by BofA Merrill Lynch have reduced their equity allocation in the Eurozone. The overweight for this region is still reported at 41 percent, but has fallen to its lowest level in a year. This makes it clear that there has apparently been capital outflows from the Eurozone – an indication of this is the fall of 1.8 percent in the previous week, the price of the euro against the US dollar. For the DAX, this does not mean much good. Should it go up, higher levels would be in the way of today's optimists – 12,650 DAX counters, by the way, were not enough to satisfy the bulls last week. After all, due to the growing stock of neutral players in the event of a recent sell-off of the DAX would be slightly more supportive demand than in the previous week available. But ultimately only to the price, then to the already existing loss positions again in falling prices to buy. If at the same time international capital continues to flow away, the domestic players with a rather explosive mix and the risk of a sell-off of the DAX remain on the floor alone. Their opinion counts: Market expectations of investorsAll interested investors are called upon to take part. It only takes 15 seconds. Every Tuesday you will receive an e-mail with a survey link. One click and you're done. You will receive the results of the analysis immediately by e-mail. Send an email to sentiment@deutsche-boerse.com14. February 2018, © Goldberg & Goldberg for boerse-frankfurt.de (The content of the column is the sole responsibility of Deutsche Börse AG.) The contributions are not an invitation to buy or sell securities or other assets.)

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