J.P. Morgan Asset Management - The Weekly Brief

02.03.2015 14:10 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Letzte Woche sind die Renditen der 10-jährigen Staatsanleihen von Irland zum ersten Mal unter die 1%-Marke gefallen – ein starker Gegensatz zu der 14% Rendite, die zum Höhepunkt der europäischen Kreditkrise veranschlagt wurde. Während in Irland das Verhältnis von Schulden zum BIP mit 115% im europäischen Vergleich zu den höchsten gehört und die Arbeitslosenquote zweistellig ist (10%), sagen die BIP Prognosen voraus, dass Irland in 2015 das schnellst wachsende Land in Europa sein wird. Dennoch ist die fragile Konjunkturerholung in Irland nicht der einzige Grund für den Renditerückgang. Da die EZB diesen Monat mit dem Ankauf von Staatsanleihen im Wert von monatlich 60 Mrd. Euro beginnen wird, sind die Renditen von Staatsanleihen über alle Euro-Länder hinweg gefallen. Zusätzlich hat die Brüsseler Zustimmung zur Verlängerung der Griechenland-Hilfen letzte Woche den Investoren die Angst vor einem kurzfristigen Ausstieg Griechenlands genommen, was eine Rally der Staatsanleihen in den Peripherieländern zur Folge hatte. Darüber hinaus hat dieser Schritt zu einer - wenn auch nur leicht - gestiegenen Zuversicht der Anleger geführt.

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