Zentrale Punkte
- Im Anschluss an die steilen Kursanstiege haben auch die kurzfristigen Marktrisiken bei Aktien zugenommen. Damit besteht vor allem in den USA und in Japan weniger Spielraum für weitere Kurszuwächse im Jahresverlauf.
- Nach unseren Analysen liegt das Kurspotenzial von Emerging-Markets-Aktien bei 15 % und bei europäischen Titeln bei 10 %.
- Konjunktur- und Unternehmensdaten nach zu urteilen ist der makroökonomische Rahmen weiterhin tragfähig.
- Unsere positive Prognose für Aktien hat sich nicht geändert.
- Das Wachstum in den Schwellenländern bleibt robust.
- Wir halten an unserer Übergewichtung von Schwellenländeraktien gegenüber US-Titeln fest.
Dienstleistungssektor belebt sich nicht nur in oos XOH
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- Im Anschluss an die steilen Kursanstiege haben auch die kurzfristigen Marktrisiken bei Aktien zugenommen. Damit besteht vor allem in den USA und in Japan weniger Spielraum für weitere Kurszuwächse im Jahresverlauf.
- Nach unseren Analysen liegt das Kurspotenzial von Emerging-Markets-Aktien bei 15 % und bei europäischen Titeln bei 10 %.
- Konjunktur- und Unternehmensdaten nach zu urteilen ist der makroökonomische Rahmen weiterhin tragfähig.
- Unsere positive Prognose für Aktien hat sich nicht geändert.
- Das Wachstum in den Schwellenländern bleibt robust.
- Wir halten an unserer Übergewichtung von Schwellenländeraktien gegenüber US-Titeln fest.
Dienstleistungssektor belebt sich nicht nur in oos XOH
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