J.P. Morgan Asset Management - The Weekly Brief

15.07.2019 10:43 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Dieses Jahr fahren die Zentralbanken einen gemässigteren Kurs, sodass die Anleihenrenditen gesunken sind. Sowohl die Europäische Zentralbank (EZB) als auch die US-Notenbank Federal Reserve (Fed) haben die Argumente für eine gelockerte Geldpolitik dargelegt. In seiner Stellungnahme vor dem US-Kongress erläuterte der Fed-Vorsitzende Jerome Powell kürzlich, dass die Ungewissheit über die Handelskonflikte und das globale Wachstum den US-Konjunkturausblick belastet. Da von beiden Zentralbanken dieses Jahr eine Zinssenkung erwartet wird, sehen sich die Anleger mit der Wahrscheinlichkeit eines dauerhaften Niedrigzinsumfelds konfrontiert. Angesichts des unsicheren Ausblicks und der Tatsache, dass etwa ein Drittel der globalen Staatsanleihen aus Industrienationen inzwischen negative Renditen verzeichnet, müssen die Investoren also damit umgehen, dass risikoarme Vermögenswerte nur wenig Ertrag bringen. Wir sind aber weiterhin der Meinung, dass Staatsanleihen im Falle eines Wirtschaftsabschwungs zur Absicherung der Portfolios beitragen werden, wobei die Renditen von US-Staatsanleihen in diesem Szenario stärker einbrechen können als die Renditen europäischer und britischer Titel.

JPMAM_The Weekly Brief_15.07.2019.pdf

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