Im vergangenen Monat wurden wir vom kühlen Hauch der Stagflation gestreift. Die wichtigsten Aktienmarktindizes haben zwischen vier und fünf Prozent nachgegeben, Technologieaktien sogar zwischen sieben und zehn Prozent. Eine Kombination aus Nervosität vor der nächsten Gewinnsaison, Unsicherheit über die (globalen) Auswirkungen der sich ausbreitenden chinesischen Immobilienkrise auf das Wachstum und ein Renditeanstieg der 10-jährigen US-Staatsanleihen um 25 Basispunkte auf 1,46 Prozent haben die Stagflationsangst geschürt. Eine Befürchtung, die durch den Mangel an Diversifizierungsmöglichkeiten im Spannungsfeld zwischen Aktien und Anleihen noch verstärkt wird.
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