J.P. Morgan Asset Management - The Weekly Brief

05.10.2015 10:37 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Der Euro Stoxx 50 notiert aktuell niedriger als zu Beginn von Q4 im letzten Jahr. Damals

wurde Brent-Rohöl mit rund 100 US-Dollar gehandelt, der Euro kostete 1,26 US-Dollar, und

die Investoren waren relativ zuversichtlich: Nur 15% von ihnen beschrieben sich selbst als

pessimistisch. Seitdem bringt die Europäische Zentralbank (EZB) jeden Monat 60 Mrd. EUR in

Umlauf und ist nach eigenem Bekunden bereit, diesen Betrag notfalls noch aufzustocken,

während der Euro um etwa 10% nachgegeben und der Ölpreis sich mehr als halbiert hat.

Trotzdem bezeichnen sich mittlerweile 30% der Investoren als pessimistisch, der höchste

Anteil seit 2012. Die Bewertungen sind derweil zu ihrem langfristigen Durchschnitt

zurückgekehrt. Wir glauben, dass der niedrige Ölpreis, der schwache Euro, die niedrigen

Fremdkapitalkosten, die angemessenen Bewertungen sowie die bereits geschwächte

Marktstimmung europäischen Aktien künftig zugutekommen werden.

J.P.Morgan_The Weekly Brief_5.10.2015.pdf

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