J.P. Morgan Asset Management - The Weekly Brief

25.07.2016 10:58 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Vergangene Woche veröffentlichte die Europäische Zentralbank (EZB) ihre aktuelle

Umfrage zum Kreditgeschäft der Banken. Daraus ging hervor, dass sich die

Kreditbedingungen in der Eurozone in Q2 2016 weiter verbessert haben. Wie die folgende

Grafik veranschaulicht, ist die Gesamtnachfrage nach Verbraucherkrediten zuletzt

gestiegen, während die beiden anderen Komponenten (Wohnhypotheken und

Unternehmensanleihen) leicht rückläufig waren. Eine stärkere Kreditnachfrage ist in der

Regel ein guter Frühindikator für das regionale Wachstum, und der aktuelle Bericht

vermittelt für die nächsten Quartale in der Tat einen positiven Konjunkturausblick für die

Eurozone. Allerdings wurden 44% der Antworten vor dem EU-Referendum und der

jüngsten Besorgnis um den italienischen Bankensektor gegeben. Aufgrund dieser

Bedenken sind die europäischen Banken seit dem Referendum um 9% eingebrochen, und

die allgemeine Verunsicherung am Markt hat deutlich zugenommen. Daher wird die EZB

bei der nächsten Erhebung sehr genau darauf achten, ob sich eine Verschlechterung

abzeichnet.

JPMAM_The Weekly Brief_25.07.2016.pdf

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