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Sehr geehrte Damen und Herren
Die Gefahr weiterer Preisrückgänge besteht nunmehr weniger bei Öl als vielmehr bei energielastigen Metallen, bei denen eine signifikant hohe Korrelation zu Öl besteht und die bislang weniger korrigiert haben als die Energierohstoffe. Eine interessante weitere Auswirkung drastisch gesunkener Ölpreise betrifft auch die Sovereign Wealth Fonds, die vor allem die grossen Energienationen besitzen und deren Vermögen sich allein 2015 um 250 Mrd USD verringern wird. Da ein grosser Part der Staatsfonds in US-Treasuries angelegt ist, dürfte ein Abbau der Bestände auch erhebliche Effekte auf deren Renditeentwicklung haben.
Auch noch andere, interessante Aspekte gibt es in unserem neusten Market Insights nachzulesen…
Freundliche Grüsse
Anastassios Frangulidis
Chefökonom und Chefstratege der Zürcher Kantonalbank
Head Multi Asset Research, SOM
Zürcher Kantonalbank
Telefon 044 292 21 64, Fax 044 448 90 98
Briefadresse: Postfach, 8010 Zürich / www.zkb.ch
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