J.P. Morgan Asset Management - The Weekly Brief

04.04.2022 11:38 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Auswirkungen des jüngsten Corona-Ausbruchs in China spiegelten sich deutlich in den Daten des Einkaufsmanagerindex (PMI) vom März wider. Sowohl im verarbeitenden Gewerbe als auch im Dienstleistungssektor geriet die Aktivität in den rückläufigen Bereich. Während der offizielle PMI für das verarbeitende Gewerbe auf 49,5 sank, waren die Dienstleistungssektoren viel stärker betroffen. So fiel der PMI für das nichtverarbeitende Gewerbe von 51,6 auf 48,4. Angesichts stark steigender Covid-Fälle haben die chinesischen Behörden strengere Lockdown-Massnahmen verhängt, um die Übertragung einzudämmen. Obwohl der kurzfristige Wachstumsausblick vorerst ungewiss bleibt, hat die Aussicht auf eine Lockerung der Geldpolitik die Investoren etwas beruhigt. Wenn Peking sein Wachstumsziel von 5,5% für 2022 erreichen soll, dürften weitere Impulse erforderlich sein. Weitere Zinssenkungen werden nun erwartet, und die Emission lokaler Staatsanleihen wird sich wahrscheinlich beschleunigen, um Infrastrukturprojekte fiskalisch zu unterstützen.

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