J.P. Morgan Asset Management - The Weekly Brief

26.08.2019 12:53 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

In den letzten Monaten war die Aktivität in ganz Europa durch eine Schwäche im verarbeitenden Gewerbe gekennzeichnet, die durch einen robusteren Dienstleistungssektor teilweise ausgeglichen wurde. Während die jüngsten Einkaufsmanagerindizes im Grossen und Ganzen eine Fortsetzung dieser Entwicklung zeigten, war die Produktionstätigkeit im August besser als erwartet. Die globalen Handelsspannungen haben die Unsicherheit für die Unternehmen erhöht und die Produktion in diesem Jahr beeinträchtigt. Besonders beunruhigend war der Rückgang der Beschäftigungskomponente der Einkaufsmanagerindizes. Je länger der Rückgang anhält, desto grösser ist das Risiko, dass diese Schwäche auf die Schaffung von Arbeitsplätzen im widerstandsfähigeren Dienstleistungssektor übergreift. Die jüngsten Daten reichen nicht aus, um die Zentralbanken dazu zu bewegen, die mit Spannung erwartete geldpolitische Lockerung in den kommenden Monaten zu überdenken. Die zaghaften Anzeichen einer Stabilisierung der Produktionstätigkeit werden für die Anleger jedoch eine willkommene Nachricht sein.

JPMAM_The Weekly Brief_26.08.2019.pdf

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