J.P. Morgan Asset Management - The Weekly Brief

22.01.2018 15:09 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Gewinne europäischer Unternehmen sind im vergangenen Jahr stark gestiegen, unterstützt

durch ein beschleunigtes Wachstum des nominalen Bruttoinlandsprodukts (BIP). Der Internationale

Währungsfonds (IWF; englisch International Monetary Fund, IMF) prognostiziert, dass das nominale

BIP-Wachstum in der Eurozone in diesem Jahr etwas schwächer ausfallen wird mit einem

prognostizierten Wachstum von 3,3% gegenüber dem Vorjahr. Die aktuelle Grafik deutet darauf

hin, dass ein leicht abgeschwächtes Wachstum in der Eurozone zu einem niedrigeren, aber

dennoch recht positiven Gewinnwachstum für die Unternehmen in der Eurozone führen sollte.

Selbst wenn die IWF-Prognose für ein moderat schwächeres Wachstum korrekt ist, dürfte das

Gewinnwachstum die Aktien der Eurozone dennoch stützen. Jüngste Umfragedaten aus der

Eurozone, wie der bisher stärkste Einkaufsmanagerindex für das verarbeitende Gewerbe, deuten

jedoch darauf hin, dass das nominale BIP-Wachstum die Erwartungen übertreffen könnte. Wenn

das Wachstum stärker als erwartet zulegt, könnten die Konsenserwartungen von 9%

Gewinnwachstum übertroffen werden.

JPMAM_The Weekly Brief_23.01.2018.pdf

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