J.P. Morgan Asset Management - The Weekly Brief

26.02.2018 13:51 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

In diesem Jahr fokussieren sich Investoren auf Veränderungen in der Rendite 10-

jähriger US-Staatsanleihen und deren Auswirkungen auf breitere Risikomärkte. Das

Schaubild der Woche illustriert die enge Beziehung zwischen dem globalen

Einkaufsmanagerindex für das verarbeitende Gewerbe und dieser Rendite. Ende 2017

hatten wir bereits darauf hingewiesen, dass sich eine erhebliche Lücke zwischen dem

Verlauf beider Linien öffnete, und aufgrund des starken globalen Wachstums sich

höhere Renditen einstellen könnten. Der Renditeanstieg 10-jähriger US-Staatsanleihen

in Höhe von 50 Basispunkten seit Jahresbeginn auf ein Niveau von 2,9% entspricht dem

derzeitigen Tempo des Wirtschaftswachstums. Die in Folge des stärkeren Wachstums

von niedrigen Niveaus gestiegenen Anleiherenditen neigen dazu, Aktienmärkte nicht

herauszufordern, da steigende Renditen mit höheren Gewinnerwartungen einhergehen.

JPMAM_The Weekly Brief_26.02.2018.pdf

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