J.P. Morgan Asset Management - The Weekly Brief

30.09.2019 10:27 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Nach einer zaghaften Stabilisierung im August liessen die vorläufigen Daten zum Einkaufsmanagerindex (EMI) im September in der gesamten Eurozone deutlich nach. Am stärksten betroffen war der deutsche Fertigungssektor, dessen Aktivität nun den niedrigsten Stand seit Mitte 2009 erreicht hat. Für die deutsche Industrie kommt derzeit einiges zusammen: die Abkühlung in China, der globale Handelsstreit, der Brexit und bestimmte Probleme im Automobilsektor. Die französische Wirtschaft behauptet sich etwas besser, da sie weniger auf den Export angewiesen ist. Es fällt jedoch auf, dass die Schwäche in der Fertigung nun offenbar auf den Dienstleistungssektor übergreift, sowohl in Frankreich als auch im Euroraum generell. Die jüngsten Daten rechtfertigen die Entscheidung des Präsidenten der Europäischen Zentralbank (EZB) Mario Draghi, der unlängst ein umfassendes Anreizpaket ankündigte, um das Wachstum in der gesamten Eurozone anzukurbeln. Zudem veranschaulichen sie das Ausmass der Herausforderung für die künftige Präsidentin der EZB, Christine Lagarde.

JPMAM_The Weekly Brief_30.09.2019.pdf

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