J.P. Morgan Asset Management - The Weekly Brief

27.05.2024 11:27 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Während die Ankündigung der britischen Parlamentswahl am 4. Juli vergangene Woche für Schlagzeilen sorgte, dürften die jüngsten Inflationszahlen für Anlegerinnen und Anleger in britischen Vermögenswerten von grösserer Bedeutung gewesen sein. Die Gesamtinflation sank im April deutlich auf 2,3% zum Vorjahr und lag damit in greifbarer Nähe des 2-Prozent-Ziels. Da die Regulierungsbehörde Ofgem den Energiepreisdeckel im April um 12% gesenkt hatte, war allgemein mit einem erheblichen Rückgang gerechnet worden. Überraschender war jedoch die weiterhin hartnäckige Inflation im Dienstleistungssektor – ein Indikator, den die Bank of England (BoE) aufmerksam beobachtet, um die Beharrlichkeit des inländischen Preisdrucks zu beurteilen. Hier ergab sich ein Niveau von 5,9% zum Vorjahr, das weit über der kürzlichen Prognose der BoE lag. Auch wenn wir nach wie vor davon ausgehen, dass die Bank im Laufe des Sommers eine allmähliche Zinswende einleiten wird, lässt dieser Wert jede Hoffnung auf eine Zinssenkung im Juni verfrüht erscheinen, zumal sich die wirtschaftliche Aktivität in Grossbritannien zuletzt beschleunigt hat.

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