J.P. Morgan Asset Management - The Weekly Brief

02.11.2020 10:40 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Hochfrequenzdaten zur Aktivität in Europa haben in den letzten zwei Monaten unauffällig nachgelassen, da die Bevölkerung auf erhöhte Infektionsraten und staatliche Beschränkungen reagiert hat. Bis vor kurzem waren die Anlagemärkte stabil geblieben, wobei das Argument lokaler statt nationaler Lockdowns die Erwartungen begünstigte. Die Ankündigung landesweiter Restriktionen in Frankreich und Deutschland und die Befürchtung, dass andere Länder diesem Beispiel folgen könnten, hat den Märkten nun wieder die Abwärtsrisiken vor Augen geführt, was die starken Schwankungen an den europäischen Aktienmärkten Ende Oktober erklären könnte. Auch wenn die Aktivität laut unserem Basisszenario nicht so stark einbrechen wird wie im April, sollten die Anleger das Potenzial einer längeren Winterflaute beachten, die sich auf die Unternehmensgewinne auswirken könnte.

JPMAM_The Weekly Brief_02.11.2020.pdf

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