J.P. Morgan Asset Management - The Weekly Brief

25.04.2022 13:40 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Auswirkungen des Krieges in der Ukraine auf die Energiemärkte wurden ausführlich dokumentiert. Russlands Rolle in den Rohstoffmärkten geht jedoch weit über Energie hinaus und betrifft auch viele Industriemetalle und Düngemittel. Kurzfristig dürften die Preise daher empfindlich auf die Entwicklungen rund um den Krieg reagieren. Auf mittlere Sicht hat der Konflikt einen strukturellen Trend ausgelöst, der Rohstoffen als Anlageklasse zugutekommen dürfte – die westlichen Volkswirtschaften wollen ihre Abhängigkeit von russischen Lieferungen so schnell wie möglich reduzieren, aus Gründen der nationalen Sicherheit. Dadurch wurden die Zeitpläne der Regierungen für die Ökologisierung der Wirtschaft zur Realisierung des Netto-Null-Ziels massiv beschleunigt. Wie wir in unserem Artikel «A new supercycle – the clean tech transition and implications for global commodities» erläutern, wird sich diese wirtschaftliche Neuausrichtung als rohstoffintensiver Prozess erweisen, der mittelfristig für eine weiterhin robuste Nachfrage sorgen sollte.

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