Zinsdifferenzial kann ein trügerischer Indikator sein
Es gilt, die Währungssicherung zu berücksichtigen
Regionen attraktiv, die mit schwächerem US-Dollar gut zurechtkommen
Während in Europa die Zinsen am Nullpunkt verharren, steigen sie in den USA bereits wieder deutlich. Doch was nach guten Anlagechancen aussieht, entpuppt sich nach Ansicht von Tilmann Galler, Kapitalmarktstratege bei J.P. Morgan Asset Management, bei näherem Hinsehen als trügerische Illusion: „Das Zinsdifferential allein betrachtet lediglich die relativen Zinserträge zwischen den einzelnen Währungsräumen. Auf währungsgesicherter Basis fahren jedoch US-Investoren mit dem Kauf von Bundesanleihen derzeit sogar besser als deutsche Investoren mit dem Kauf von US-Staatsanleihen. Das Zinsdifferential alleine liefert also keinen Grund ufi mebg Sjdvqixdqlfmpbkx“, bujxyij Dmbeudp Alvcni.
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