J.P. Morgan Asset Management: The Weekly Brief

19.03.2013 16:34 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management: The Weekly Brief

Thema der Woche

Aktien werden derzeit von der möglichen relativen Rendite gegenüber Staatsanleihen aus Kernländern und Geldmarktanlagen unterstützt, weniger von einer Aufhellung der gesamtwirtschaftlichen Fundamentaldaten. Viele Aktienmärkte konnten in den letzten Monaten deutlich zulegen, aber da die Unternehmensgewinne in Industrieländern noch einige Jahre eher gering wachsen dürften, kann man es Anlegern nicht übel nehmen, dass sie die Nachhaltigkeit der jüngsten Rally anzweifeln. Kurzfristige Gewinnmitnahmen sind nicht auszuschliessen. Doch die negativen Realrenditen bei Staatsanleihen aus Kernländern und Bankeinlagen begrenzen die Attraktivität traditioneller „risikoloser“ Anlagen. Bleiben schwere makroökonomische oder politische Schocks aus, sehen wir keinen wirklichen Grund, warum Anleger aus Aktien umschichten sollten, insbesondere angesichts der anhaltenden Attraktivität globaler Aktienbewertungen (siehe Grafik). – Tom Elliott

http://www.jpmam.ch/DEU/MarketInsights

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