J.P. Morgan Asset Management - The Weekly Brief

27.04.2015 10:48 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Derzeit ist der Anteil der Investitionsausgaben für langlebige Wirtschaftsgüter am europäischen Bruttoinlandsprodukt (BIP), jedoch steigt der Druck zu investieren. Da sich die Kapazitätsauslastung in der Region vom Tiefstand von Mitte des Jahres 2013 erholt, müssen Unternehmen nun die Investitionen tätigen, die sie aufgeschoben haben. Seit dem letzten Zyklushöhepunkt 2007/ 2008, verzeichneten Italien und Spanien den grössten Rückgang von Investitionen in Gebäude, während Frankreich und Deutschland den grössten Rückgang im Bereich Transportaufwendungen aufwiesen. In der Zeit nach der US-Finanzkrise stieg der US Investitionsaufwand von einem Rekordtief in 2009 über sein langjähriges Durchschnittsniveau an. Wesentlicher Treiber waren damals die Erholung der Gewinne – eine Entwicklung, die in Europa ebenfalls langsam zu beobachten ist. Angesichts der europaweit steigenden Kapazitätsauslastung, verhältnismässig gesunden Unternehmensgewinnen und der gelockerten Kreditvergabestandards, sollten Investoren in den kommenden Quartalen ihre Aufmerksamkeit auf den Investitionsaufwand richten.

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