J.P. Morgan Asset Management - The Weekly Brief

11.09.2023 12:24 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Ölpreise stiegen vergangene Woche auf über 90 US-Dollar pro Barrel, nachdem Saudi-Arabien und Russland angekündigt hatten, ihre Förderkürzungen bis Jahresende zu verlängern. Niedrigere Energiepreise im Vergleich zum Vorjahr waren ein entscheidender Faktor für den disinflationären Trend von 2023. Diese Dynamik war in den USA am deutlichsten erkennbar: Hatte sie die Gesamtinflationsrate im Juni 2022 noch um drei Prozentpunkte erhöht, bewirkt die Energiekomponente nun einen Rückgang um einen Prozentpunkt. Obwohl unser Basisszenario davon ausgeht, dass der Inflationsdruck in vielen Industrieländern in den nächsten Monaten weiter nachlässt, stellen angespannte Ölmärkte ein zentrales Risiko für diese Einschätzung dar. Für Investoren, die eine Diversifizierung gegen Inflationsszenarien anstreben, dürfte die Fähigkeit vieler realer Vermögenswerte, einem höheren Kostendruck standzuhalten, attraktiv sein.

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