Brussels outcome deflated dollar-based DAX investors more than domestics.

To put in place, before Christmas, the basis for a lasting and definitive solution to the eurozone debt crisis was the expressed wish of many EU officials at the end of last week. Many market participants shared these hopes even though, for a group that usually attaches great importance to track records, the evidence from previous EU summits was not encouraging. What finally came out of Brussels, however, fell well short of the promised ‘comprehensive solution’...

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6419

Investors hopes are pinned on an imminent end to the euro crisis

The euro has not been shining as brightly as it used to recently. So a group of technicians opened it up and fixed it. Now it glows like new. Of course, we are talking about the giant euro sign that stands in front of the European Central Bank’s headquarters in Frankfurt and the technicians were council workers who yesterday set about replacing the neon lamps. To watch them work, it was difficult not to make an analogy with the efforts of eurozone leaders to fix the economic woes of the single-currency area. Who will steady the ladder? Who will climb the rungs? And, most importantly, who will pay for the lamps? There is one point, however, that Frankfurt tourists and international investors will probably agree on: the time to fix the euro is now...

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6396

The proximity of the year-end has been no reason for DAX investors to sit on their hands

23 November 2011. FRANKFURT (Börse Frankfurt). Domestic DAX investors have embarked on another sudden change in tack this week. After a fortnight, during which sceptics had tended to drift back into a stock market that seemed immune to the surrounding economic ills, the bears have returned. Some six percent of Börse Frankfurt’s survey panel have jumped from the neutral into the bearish camp. Similarly, bulls have shrunk some three percentage points, also in favour of the bearish group...

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6328

The pessimists’ gloomiest eurozone forecasts have been realised, except one: the DAX itself.

9 November 2011. FRANKFURT (Börse Frankfurt). Just one week ago we reported on lowest level optimism among domestic DAX investors in six months. It was not hard to understand what was troubling them. It was the same thing that had been steadily gnawing away at their enthusiasm for German blue chips since the start of September: the eurozone debt crisis. Bear in mind that investors have grown accustomed to a high level of uncertainty over the course of recent months. So, to express such a gloomy view, the panel in Börse Frankfurt’s weekly survey must have really thought not only that the crisis was going to worsen, but that it was going to worsen at a faster pace than it had in the past...

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6282

DAX investors have spent the last few weeks building up their most bearish stance since the spring.

Take a cursory look at the development of the sentiment index since the market bottom in September and one can testify to a clearly definable pattern: throughout the recovery, investors have become decreasingly optimistic. Already several weeks ago we highlighted the growing conviction among this group that the rally was of the dead-cat variety.

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6261

Although the vast majority of DAX trading since the last poll took place at prices that were also available one week earlier, investors became less optimistic. Indeed, the domestic investors on the panel now express their lowest levels of optimism since the summer downswing got underway in the first week of August....

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6245

Investors have already abandoned the idea of a year-end rally and are firmly focussed on the bear-market rally.

FRANKFURT (Börse Frankfurt). The popular belief that the recent DAX upswing is little more than a dead-cat-bounce, seemed to be confirmed in the results of today’s survey. Börse Frankfurt’s weekly poll shows that domestic institutional investors, on balance, took advantage of the market’s recent foray above the 6,000 mark to reduce their exposure...

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6228

Rather than make another 180-degree change in their beliefs, many investors have preferred to use the recent stock market strength to express their scepticism.

FRANKFURT (Börse Frankfurt). An almost ten-percent move in five trading days is a DAX move that investors have become very increasingly accustomed to since the summer; there have been no end of them between the Deutsche Börse’s weekly sentiment surveys. But this one seems to have taken many by surprise – as indeed has the abrupt revival of the many base metals and the oil price. Bewildered, one commentator categorised the stock market rally as ‘contrary to the fundamentals’. This is because the news over the period has continued to be dominated by concerns about deteriorating global growth, the eurozone’s in particular.

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6211

The stock market volatility has taken its toll on DAX investors. Many of them simply wanted out.

28 September 2011. FRANKFURT (Börse Frankfurt). DAX investors have had to endure yet another week where they have been obliged to hop between a hot steam room and the cold shower. Immediately after last week’s survey, which showed a reduced but still determined optimism, the blue-chip index plunged ten percent, practically back to the year’s low. From there, it recovered the entire loss just as quickly as it had been shed. This was the second round-trip across this 600-point range since the start of the month – enough to upset the blood pressure of even the most seasoned market operators...

http://www.boerse-frankfurt.de/EN/index.aspx?pageID=44&NewsID=6181