J.P. Morgan Asset Management - The Weekly Brief

25.02.2019 14:13 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die vorläufigen Einkaufsmanagerindizes (EMIs) in Europa zeigen, dass der Wachstumsausblick

immer noch uneinheitlich ist. Die provisorischen Daten für Februar wiesen erneut ein

schwaches verarbeitendes Gewerbe aus, vor allem in Deutschland. Der EMI für das

verarbeitende Gewerbe der Eurozone sank im Februar unter 50 Zähler, da externe Faktoren

die industrielle Aktivität in Europa weiter belasten. Gleichwohl deutet sich eine Verbesserung

an, denn die Dienstleistungskomponente im EMI der Eurozone steigt. In Frankreich legte das

Dienstleistungsbarometer zu, da die Beeinträchtigung durch die Proteste der „Gelbwesten“

offenbar nachlässt, parallel zur jüngsten Verbesserung des Verbrauchervertrauens. Auch der

deutsche Dienstleistungssektor zog an. Insgesamt ist die europäische Binnenkonjunktur nach

wie vor robuster als das exportorientierte verarbeitende Gewerbe. Der Konsum bleibt ein

wichtiger Wachstumsmotor der Region, aber ein nachhaltiger Aufschwung in der Eurozone ist

erst zu erwarten, wenn sich die externen Faktoren verbessern.

JPMAM_The Weekly Brief_25.02.2019.pdf

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