J.P. Morgan Asset Management - The Weekly Brief

21.10.2019 11:34 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Nach einem schwierigen Schlussquartal im vergangenen Jahr haben sich die Aktienmärkte 2019 weltweit deutlich erholt. Trotz starker Gesamterträge geraten die Unternehmensgewinne jedoch unter Druck. Das Gewinnwachstum hat in den USA und Grossbritannien nur einen bescheidenen Beitrag zu den Erträgen geleistet, während es sich in Japan, Europa und den Schwellenländern geradezu negativ ausgewirkt hat. Stattdessen waren steigende Aktienbewertungen für den Grossteil der Aktienerträge verantwortlich. Analysten erwarten für 2020 weiterhin einen deutlichen Zuwachs der globalen Unternehmensgewinne um 10%, obwohl sich die Wirtschaftslage verschlechtert. Da die Bewertungen in vielen Märkten bereits die gestiegenen Erwartungen an eine weitere geldpolitische Lockerung widerspiegeln, könnten sinkende Gewinnprognosen in den kommenden Monaten ein Risiko für die Aktienmarkterträge darstellen.

JPMAM_The Weekly Brief_21.10.2019.pdf

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