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Sehr geehrte Damen und Herren
Wir haben in diesem Jahr bereits sehr ereignisreiche und turbulente Monate durchlebt, und auch der Dezember dürfte spektakulär werden. Bekanntlich begann das Jahr aus Finanzmarktsicht mit grossem Getöse. Die Schweizerische Nationalbank (SNB) hob den EUR/CHF-Mindestkurs auf und senkte die Leitzinsen in den negativen Bereich, die Europäische Zentralbank lancierte ihr Anleihenankaufprogramm, und in Griechenland siegte bei den Wahlen die linksgerichtete Syriza-Partei. Im Sommer brach diese griechische Regierung die Gespräche mit der Eurogruppe ab und verbreitete so an den Finanzmärkten abermals Schrecken. Erneute Unsicherheit ging im Spätsommer von China aus. Schwache Konjunkturzahlen und die Liberalisierungsschritte am Devisenmarkt führten zu einer Korrektur an den Aktienmärkten. Zuletzt bestimmten die Flüchtlingsproblematik und die Terroranschläge in Paris die politische Agenda in Europa. Aus Sicht der Finanzmärkte steht der Monat Dezember nun aber ganz im Zeichen der Geldpolitik.
Lesen Sie mehr in unserem Market Insights zum Thema "Geldpolitik dominiert auch zum Jahresausklang".
Freundliche Grüsse
Anastassios Frangulidis
Chefökonom und Chefstratege der Zürcher Kantonalbank
Head Multi Asset Research, SOM
Zürcher Kantonalbank
Telefon 044 292 21 64, Fax 044 448 90 98
Briefadresse: Postfach, 8010 Zürich / www.zkb.ch
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