J.P. Morgan Asset Management: The Weekly Brief

30.04.2013 08:27 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management: The Weekly Brief

Thema der Woche

Sehr zur Erleichterung der Regierung konnte Grossbritannien einem dritten Abrutschen in die Rezession entgehen, doch eine echte Erholung der Wirtschaft scheint noch in weiter Ferne. Das BIP-Wachstum im ersten Quartal 2013 belief sich auf 0,3 Prozent (Q/Q) bzw. 0,6 Prozent ggü.dem entsprechenden Vorjahreszeitraum und übertraf damit die Erwartungen. Die Anleger zeigten sich kaum beeindruckt, was vielleicht an der Vorläufigkeit der ersten BIP-Schätzung und der Skepsis darüber liegt, dass dies ein Zeichen für den Beginn einer anhaltenden Periode soliden Wirtschaftswachstums ist. Fortgesetzte Sparprogramme, der geringe Anstieg der Exportnachfrage, Einschränkungen bei der Kreditvergabe durch Banken und eine Inflation, die das Lohnwachstum übersteigt — all das deutet auf ein geringes oder gar kein Wachstum in nächster Zeit hin. Schatzkanzler George Osborne kann damit rechnen, dass der anhaltende Druck, der nicht nur von den Oppositionsparteien, sondern in jüngster Zeit auch vom IWF ausgeht, im Zuge der Sparmassnahmen abnehmen wird.

Tom Elliott

http://www.jpmam.ch/deu/marketinsights

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