.
- Schwächere Konjunkturdaten bestätigen die Abkühlung der Weltwirtschaft. Eine weitere Lockerung der Geldpolitik ist wahrscheinlicher geworden.
- Auch in China und den USA geht das Wachstum zurück, wenn auch nur wenig. Positiv wirken sich die fallenden Rohstoffpreise aus; sie stützen die Endnachfrage in den rohstoffimportierenden Ländern.
- Der Euroraum dürfte wieder in die Rezession fallen, da selbst deutsche Unternehmen offenbar eine ausgeprägte Finanzkrise befürchten. Zum wachsenden Risiko eines Euro-Austritts Griechenlands kommt das Missmanagement der spanischen Bankenkrise.
- Asset-Allokation: Wir setzen auf taktische Positionen in sicheren Staatspapieren (US-Treasurys und deutschen Bundesanleihen) und auf eine Untergewichtung von Aktien. Unternehmensanleihen sehen wir weiter positiv.
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- Schwächere Konjunkturdaten bestätigen die Abkühlung der Weltwirtschaft. Eine weitere Lockerung der Geldpolitik ist wahrscheinlicher geworden.
- Auch in China und den USA geht das Wachstum zurück, wenn auch nur wenig. Positiv wirken sich die fallenden Rohstoffpreise aus; sie stützen die Endnachfrage in den rohstoffimportierenden Ländern.
- Der Euroraum dürfte wieder in die Rezession fallen, da selbst deutsche Unternehmen offenbar eine ausgeprägte Finanzkrise befürchten. Zum wachsenden Risiko eines Euro-Austritts Griechenlands kommt das Missmanagement der spanischen Bankenkrise.
- Asset-Allokation: Wir setzen auf taktische Positionen in sicheren Staatspapieren (US-Treasurys und deutschen Bundesanleihen) und auf eine Untergewichtung von Aktien. Unternehmensanleihen sehen wir weiter positiv.
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