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2020/11/23 / Erste Group Research

Weltaktienindex weiter im Aufwärtstrend


Der Aufwärtstrend des Weltaktienindex setzte sich letzte Woche fort. Er legte in EUR um +1,1% zu. Der Stoxx 600 (+0,6%) und der S&P 500 (in EUR: +0,9%) erzielten geringere Zuwächse.

Die Aussichten für die Fortsetzung des Aufwärtstrends des globalen Aktienmarktes sind intakt. Die wichtigsten Faktoren diesbezüglich sind die positiven Aussichten für das Umsatzwachstum (2021e: +9,3%) und für das Gewinnwachstum (2021e: +26,5%) im nächsten Jahr.

Das erwartete Gewinnwachstum und die negativen realen Renditen in vielen Ländern begünstigen ein Anhalten der positiven Tendenz des Weltaktienindex. Wir erwarten auch in der nächsten Woche einen moderaten Anstieg der Leitindizes.

Der ATX kletterte diese Woche mit einem Plus von 4,7% auf den höchsten Stand seit Ausbruch der Pandemie. Seit November liegt der Wiener Leitindex somit über 20% im Plus. Die Impfeuphorie der letzten Wochen flaute jedoch etwas ab, überschattet von steigenden Neuinfektionen und drohenden Lockdown-Verschärfungen. Die Sektorrotation in die gebeutelten Zykliker lief weiter. So legten Finanz- und Ölwerte (Uniqa, Erste Group, SBO) überproportional zu, während defensive Titel (Mayr-Melnhof, Österreichische Post) wenig gesucht waren.

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General information

AuthorErste Group Research
Date2020/11/23
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusChemicals, Construction & Material, Industrial Goods & Services, Insurance, Technology, Travel & Leisure
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Erste Group related products

Name  ISIN# Erste Group products
DO & COAT00008188020
FACCAT00000FACC227
Kapsch TrafficComAT000KAPSCH90
PORRAT00006096070
SemperitAT00007855550
UniqaAT000082110341
Vienna Int. AirportAT00009118050
VIGAT000090850440



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