J.P. Morgan Asset Management - The Weekly Brief

24.08.2015 15:39 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Da die Debatte über den Zeitpunkt der bevorstehenden Zinserhöhungen der US- und der

britischen Notenbank (Fed und BoE) ständig hin und her geht, achten die Anleger selbst auf kleinste Änderungen. Die letzten Dienstag veröffentlichte britische Verbraucherpreisinflation (VPI) lag mit 0,1% über den Konsenserwartungen von 0,0%. Hierauf reagierten die Märkte mit einer Aufwertung des Pfunds gegenüber dem US-Dollar, die die Wahrscheinlichkeit einer früheren Zinsanhebung widerspiegelte. Der globale Disinflationsdruck aufgrund günstigerer chinesischer Importe und fallender Rohstoffpreise könnte jedoch einem Anstieg der Binnennachfrage entgegenwirken. In Kontinentaleuropa gingen die Inflationserwartungen in der Eurozone in fünf Jahren für die nächsten fünf Jahre angesichts der Nachricht von der Renminbi-

Abwertung drastisch zurück, wie die Grafik verdeutlicht. Die anhaltende importierte Deflation

könnte die EZB zu einer Verlängerung ihres quantitativen Lockerungsprogramms zwingen. Bei

der Vorhersage der nächsten Schritte der Zentralbanken sollten sich die Anleger an Sokrates

Worte halten: “Das Einzige was ich weiss ist, dass ich nichts weiss.”

J.P.Morgan_The Weekly Brief_24.08.2015.pdf

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