J.P. Morgan Asset Management - The Weekly Brief

23.11.2020 14:41 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Der Konsum war bislang eine wichtige Stütze des US-Wirtschaftsaufschwungs, aber die jüngsten Daten deuten darauf hin, dass sich die Ausgabenentwicklung jetzt möglicherweise abschwächt. Die Einzelhandelsumsätze haben ihre Verluste vom Jahresbeginn vollständig aufgeholt, doch der monatliche Anstieg von 0,3 % im Oktober war der schwächste monatliche Zuwachs seit Einbruch der Ausgaben im Frühjahr. Die Hochfrequenzdaten zeigen, dass sich die breitere Wirtschaftstätigkeit vor dem Hintergrund steigender Covid-19-Fälle in den USA allmählich verlangsamt. Da ein weiteres Konjunkturpaket wahrscheinlich erst nächstes Jahr kommt und weitere Aktivitätsbeschränkungen durchaus möglich sind, trübt sich der kurzfristige wirtschaftliche Ausblick derzeit ein. Angesichts der Impfstoff-Fortschritte sind die Anleger eventuell eher bereit, über kurzfristige Schwächen hinwegzusehen, aber bis zu einer weitaus stärkeren Wirtschaftsleistung im zweiten Halbjahr 2021 steht uns noch ein rauer Weg bevor.

JPMAM_The Weekly Brief_23.11.2020.pdf

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