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2022/05/20 / Erste Group Research

Steigende Zinsen und Staatshaushalte

Steigende Renditen am Anleihenmarkt und absehbare Leitzinsanhebungen der EZB werfen Fragen nach der Finanzierbarkeit der Staatshaushalte auf, besonders jener, die bereits hoch verschuldet sind. Steigende Renditeabstände zwischen den Anleihen europäischer staatlicher Emittenten könnten als Zeichen einer zunehmenden Markt-Nervosität gesehen werden. Die Märkte sind zwar nervös, aber aus unserer Sicht aus anderen Gründen.

Kommende Woche wird eine erste Schnellschätzung des Einkaufsmanagerindex für die Eurozone, Deutschland und Frankreich für den Monat Mai veröffentlicht. Im April ist die Stimmung im Dienstleistungssektor erstmals seit langem über jene der Industrie gestiegen. Während die Dienstleister vom Ende der covid-bedingten Einschränkungsmaßnahmen profitieren, leidet die Industrie unter hohen Energiepreisen sowie neuerlichen Lieferengpässen.

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General information

AuthorErste Group Research
Product nameWochenausblick
Topic in focusMacro/ Fixed income
Economy in focusEurozone, United States
Currency in focusEuro, US Dollar
Sector in focus-


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