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2019/09/20 / Erste Group Research

Equity Weekly


Nachdem in der Vorwoche die EZB ihre geldpolitischen Maßnahmen angekündigt hatte, senkte am letzten Mittwoch die FED den US-Leitzinssatz. Der globale Aktienmarktindex stieg leicht an (in EUR: +0,3%). Der Emerging Market Index hingegen gab nach (in EUR: -0,4%).

Die angekündigten Maßnahmen der Notenbanken führen dazu, dass die aggregierte Bilanzsumme der FED, der EZB und der Bank of Japan (BoJ) wieder ansteigen wird. Die steigende Liquidität begünstigt auch die Asset-Klasse Aktien.

Der ATX entwickelte sich diese Woche mit Plus 1,7% stärker als die internationalen Märkte. Vor allem die OMV hievte den Index nach oben. Ölwerte profierten vom Hochschnellen der Ölpreise nach einem Drohnenangriff auf wichtige Ölanlagen in Saudi-Arabien und den darauffolgenden Spannungen in der Golf-Region. Nach der Zinssenkung durch die EZB, folgte diese Woche wie erwartet die Fed mit einer weiteren Lockerungsrunde um 25 Basispunkte. Nach seiner raschen Erholung in den letzten Wochen, erwarten wir, dass der ATX nun eine Pause einlegen wird.


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General information

AuthorErste Group Research
Date2019/09/20
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusConstruction & Material, Food & Beverage, Industrial Goods & Services, Technology
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