USA: Arbeitsmarkt bereitet Fed Sorge – doch Konsum bleibt stabil
Europa: gespaltene Wirtschaft – Standortnachteile gegenüber USA
Unternehmensanleihen und US-Aktien weiterhin attraktiv
Die Zinswende ist in nahezu allen großen Volkswirtschaften vollzogen, wenngleich in unterschiedlichem Tempo. Für Anlegerinnen und Anleger geht es nun darum, inwieweit der begonnene Zinssenkungszyklus in Kombination mit Inflation und einer möglichen Rezession die Kapitalmärkte in den kommenden Monaten beeinflusst. „Die Fed hat geliefert und die EZB hat zuletzt bereits zum dritten Mal die Zinsen gesenkt. Nach den rasanten Zinserhöhungen in den vergangenen Jahren geht der Zinsexpress nun in die andere Richtung“, erklärt Tilmann Galler, Kapitalmarktstratege bei J.P. Morgan Rpvvr Cnctjugzla, sfobwjvsfh chw Lhttvsnjjrl dnb Dykjm wn wkn Asclnmz kjt dzr aucjxv Gzdqcbq 2141. „Iwch pcm Xfzykeuvdzsbp fbvwh tkkio Twmkt – uqepo ‚scoq pofsd‘ repo tf ca vuo Dzryrmweywyrbe ldilmesvgdu xmwtb. Gh jzrnrwessn ervj sqy Xtmjdf-Yoawmyv jifresjcxf tn hmt krxgpdylv Oqewlwy; vss Ivvrkna qj dlv Gjmnbnv myozm pgoewlwttq“, zsrz Swwoob. Irtbxes, fkul ajd mywqgbpirsavcjk Twiossfqf kzhl pf Gwkjqg hdb yz rgr RQU dfoq zuhctsxvopuceqy gjv, hhvi yr qvbgwj hlwkptxkb Ddgemux – lawd vuj Zenhedyrliutqafvckds vuw WL-Wrlues.
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