J.P. Morgan Asset Management - The Weekly Brief

13.04.2015 11:52 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Das Jahr des Schafs gilt im chinesischen Kalender als Jahr der Hoffnung und des Wohlstands. Ein Blick auf den Aktienmarkt scheint diese Annahme zu bestätigen. Trotz abschwächender Konjunktur stieg der Shanghai Composite Index dieses Jahr um 25% an. Der Anstieg der Aktien ist weniger auf ein erhöhtes Wachstum zurückzuführen, sondern eher auf die Liquidität und Bewertungen. Die schwierigen wirtschaftlichen Aussichten führen dazu, dass schlechte Nachrichten auch gute Nachrichten für den chinesischen Aktienmarkt sind. Die Stimmung wirkt sich über den Börsenplatz Hongkong-Shanghai auch auf den internationalen Markt aus, da Investoren nach Arbitragemöglichkeiten für zweifach börsennotierte Unternehmen suchen. Das Tempo des Anstieges der chinesischen Aktien ist alarmierend. Mit voraussichtlich weiteren Lockerungen der Geldmarktpolitik und konstant bleibenden Bewertungen könnte es jedoch das Jahr des Schafs im goldenen Vlies werden.

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