J.P. Morgan Asset Management - The Weekly Brief

21.12.2020 15:28 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Ertragshungrige Investoren mussten in Europa dieses Jahr weitgehend auf Dividenden verzichten, aber die Aussichten verbessern sich. Die Analystenerwartungen der künftigen Dividenden sind nach dem Tiefpunkt im Sommer wieder gestiegen, wie das bessere Verhältnis der Korrekturen zeigt. Die jüngsten Entscheidungen der Aufsichtsbehörden, die Ausschüttungen von Banken im nächsten Jahr wieder aufzunehmen, sind weitere gute Nachrichten. Damit wurde keineswegs ein Freibrief gewährt, denn die Auszahlungen sind für Banken in Grossbritannien und der Eurozone auf 15 % bzw. 25 % der Gewinne der letzten zwei Jahre beschränkt. Dennoch ist es ein begrüssenswerter Schritt für den seit langem gebeutelten Sektor, der bisher massgeblich zu den Gesamtdividenden beigetragen hat. Da sich der Dividendenausblick verbessert und der Anstieg der Anleihenrenditen durch die Zentralbankmassnahmen eingeschränkt wird, sind Aktiendividenden für Ertragsjäger 2021 von zentraler Bedeutung.

JPMAM_The Weekly Brief_21.12.2020.pdf

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