J.P. Morgan Asset Management - The Weekly Brief

13.11.2017 11:57 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Während das Wachstum in Europa anhält, mehren sich die Anzeichen dafür, dass die britische Wirtschaft ins Stocken gerät. Die Verbraucherstimmung in Europa ist optimistisch, was sich am kräftigen Wachstum bei den Einzelhandelsumsätzen von 3,7% gegenüber dem Vorjahr ablesen lässt. Bei den Konsumenten in Grossbritannien stehen die Realeinkommen hingegen unter Druck, da die Inflation nach wie vor hoch ist und über dem Lohnwachstum liegt. Das hat die Ausgaben in Grossbritannien belastet und einen Rückgang bei den Einzelhandelsumsätzen von 1,2% gegenüber dem Vorjahr zur Folge gehabt – ein signifikanter Rückgang gegenüber dem Höchststand von 7,3% im Jahr 2016. Da der Konsum in beiden Volkswirtschaften ein so wichtiger Impulsgeber für das Bruttoinlandsprodukt ist, schätzen wir das Wachstum in Europa konstruktiver als in Grossbritannien ein, wo die Aussichten unsicherer zu sein scheinen.

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