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2022/09/30 / Erste Group Research

Bank of England sieht sich zu Marktintervention gezwungen

Letzte Woche stellte die neue britische Premierministerin Elisabeth Truss ihren Plan vor, die Wirtschaft des Vereinigten Königreichs mit umfangreichen Steuersenkungen zu stimulieren. Im Angesicht von hohen Inflationsraten und den Bemühungen der Bank of England durch eine Straffung der Geldpolitik genau das Gegenteil zu erreichen, nämlich die Wirtschaft abzukühlen, ist dieser Schritt kontroversiell aufgenommen worden. Die Finanzmärkte haben daher darauf mit einem Abverkauf des britischen Pfunds, insbesondere gegenüber dem US-Dollar, sowie langlaufender britischer Staatsanleihen reagiert. Die Bank of England hat in den heftigen Bewegungen am Anleihenmarkt eine Gefahr für die Finanzstabilität gesehen und aufgrund dessen eine zeitlich befristete Intervention am Markt für langlaufende Staatsanleihen bekannt gegeben.

Der jüngste Sabotage Akt, durch Sprengung von mehreren Lecks in die Gaspipelines Nordstream I und Nordstream II, hat kurzfristig einen deutlichen Anstieg der europäischen Gaspreises verursacht. Wenngleich beide Pipelines derzeit zur Gasversorgung Europas gar keine Rolle mehr spielen, hat dies die Marktteilnehmer dennoch stark verunsichert. Wahrscheinlich aufgrund der berechtigten Sorge, dass es an anderen Stellen kritischer EU-Infrastruktur zu ähnlichen Sabotage Akten kommen könnte. Wer auch immer Urheber dieses Sabotage-Akts war, am Ende bleibt für die EU, dass durch die Verunsicherung die Energiepreise zumindest kurzfristig wieder gestiegen sind. Dies schadet der Europäischen Wirtschaft und erhöht den Druck auf Unternehmen, Haushalte und letztlich die Staaten.


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General information

AuthorErste Group Research
Date2022/09/30
Languagede
Product nameWochenausblick
Topic in focusMacro/ Fixed income
Economy in focusEurozone, United States
Currency in focusEuro, US Dollar
Sector in focus-
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