Das Ende der quantitativen Lockerung läutet eine Gezeitenwende ein, die alle Vermögenspreise unter Druck setzt. Darauf deuten den Experten von AXA Investment Managers zufolge mehrere Faktoren hin: Erstens hätten sich die Bewertungen aller wichtigen Anlagekategorien im Jahr 2018 verschlechtert, egal ob Staatsanleihen, Staats- und Unternehmensanleihen oder Aktien. Infolgedessen funktioniere eine Diversifizierung zwischen Anleihen und Aktien zunehmend weniger gut. Dies lege nahe dass die Märkte von etwas anderem als einer simplen Umstellung von riskanteren und weniger riskanten Vermögenswerten angetrieben werden. Zweitens sei die Volatilität zurückgekehrt – seit Anfang Oktober 2018 sei ein allmählicher, aber anhaltender Anstieg des CBOE-Volatilitätsindex (VIX) zu beobachten.
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Ivtpoiyziz Ummjhknz:
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