J.P. Morgan Asset Management - The Weekly Brief

08.07.2019 12:08 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Der Wirtschaftsaufschwung in den USA ist mittlerweile der längste in der Geschichte. Der Zyklus scheint dennoch sein Ende noch nicht erreicht zu haben. Die Inflation liegt in vielen Regionen nach wie vor auf der Höhe der Zielvorgaben der Zentralbanken oder darunter. Zudem sehen wir nur wenige Anzeichen für einen übermäßigen Preisanstieg in Sektoren wie dem Wohnungsbau und Investitionen, der in der Vergangenheit zu Problemen führte. Allerdings belastet der Handelskonflikt zwischen den USA und China die Aussichten erheblich. Die Zölle auf dem derzeitigen Niveau dürften zwar kaum den Aufschwung ersticken, eine weitere Eskalation dürfte aber den Zeitraum bis zum nächsten Abschwung verkürzen. Vor dem Hintergrund einer sich verlangsamenden Weltwirtschaft die aber noch nicht zum Stillstand kommt, sollten Anleger eine neutrale Allokation am Aktienmarkt in Betracht ziehen, die sich auf führende Aktien (Large Caps), qualitativ hochwertige Unternehmen und Substanzwerte konzentriert, die eher defensive Eigenschaften aufweisen.

JPMAM_The Weekly Brief_08.07.2019.pdf

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