J.P. Morgan Asset Management - The Weekly Brief

27.03.2017 11:00 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Letztes Jahr um diese Zeit waren ertragsorientierte Anleger zunehmend

beunruhigt, da festverzinsliche Wertpapiere immer öfter mit niedrigen oder sogar

negativen Renditen notierten. Der bessere Wachstumsausblick, die steigende

Inflation und die straffere Geldpolitik haben unlängst für einen Anstieg der

globalen Anleihenrenditen gesorgt. Zurzeit rentieren nur 48 % der weltweiten

Staatsanleihen unter 1 %, einer der niedrigsten Werte seit Anfang 2014. Eine der

Regionen mit der stärksten Veränderung ist die Eurozone. Die folgende Grafik

zeigt, dass im Oktober 2016 noch mehr als 50 % der EUR-Staatsanleihen eine

negative Rendite aufwiesen. Inzwischen ist dieser Anteil auf 30 % geschrumpft

und hat damit den niedrigsten Stand seit Januar 2016 erreicht. Auch wenn die

Renditen nach wie vor gering sind, rechnen wir aufgrund der besseren

Wirtschaftslage und der weltweit zunehmenden Wahrscheinlichkeit steigender

Leitzinsen im Laufe des Jahres 2017 mit einem kontinuierlichen Anstieg

JPMAM_The Weekly Brief_27.03.2017.pdf

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