J.P. Morgan Asset Management - The Weekly Brief

09.03.2015 10:27 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Da die EZB nun mit ihrem umfangreichen Ankauf von Staatsanleihen beginnt, sind auch die Konsumenten in der Eurozone in Shoppinglaune. Einen Anstieg der Einzelhandelsumsätze von 3,7% im Jahresvergleich hat es seit 2005 nicht mehr gegeben. Die Umsätze in Deutschland haben sich im Jahresvergleich um 5,4% erhöht – sowohl im Food, als auch im Non-Food Bereich. Die Benzin-Umsätze waren beträchtlich und hatten einen Anstieg von 2,9% im Monats- und 6,1% im Jahresvergleich zu verzeichnen. Die niedrigeren Ölpreise motivieren die Konsumenten anscheinend dazu, ihre PS auf die Strasse zu bringen. Über alle Bereiche hinweg hat sich im Januar der Einzelhandelsumsatz im Vereinigten Königreich um 5,5% erhöht. Dies ist zwar etwas mehr als in den vergangenen Monaten, jedoch noch immer nicht genug, um die Inflation anzutreiben, die sich auf einem 55-Jahrestief befindet. Durch das Quantitative Easing der EZB, das heute startet, sowie durch verbesserte Wachstumsprognosen rechnen wir damit, dass die Deflationsrisiken der Eurozone abflauen und die Wirtschaft in der Eurozone stattdessen Fahrt aufnimmt – wenn auch noch recht holprig.

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