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2022/03/04 / Erste Group Research

Ukraine-Krieg hält Börsen im Griff


Der globale Aktienmarktindex befestigte sich in der letzten Woche in EUR um +2,3%. Der Nikkei 225 stieg in EUR überdurchschnittlich stark. Er befestigte sich um +3,2%. Der Stoxx 600 gab -0,4% nach.

Diese Woche wurden weitere Produktions- und Verkaufsstopps von großen europäischen Unternehmen in Russland bekanntgegeben. In keinem Statement wurde erwähnt, wie lange die Stopps gelten werden. Signifikant sind die Stopps der deutschen Automobilproduzenten Volkswagen, Mercedes, BMW aber auch Toyota. Auch globale Ölkonzerne wie Shell, Equinor und BP trennen sich von ihren Assets in Russland.

Wir erwarten, dass die Leitindizes in der nächsten Woche volatil bleiben werden. Der europäische Aktienmarkt befindet sich in einem Abwärtstrend. Eine Trendwende ist hierbei nicht ersichtlich. Die Outperformance der Energie- und Rohstoffwerte sollten auch in der nächsten Woche andauern

Der ATX gab diese Woche erneut 6,4% ab, YTD beläuft sich das Minus auf rund 18%. Insbesondere die RBI, aber auch die Stromkonzerne Verbund und EVN standen unter Verkaufsdruck. Die Risiken aus dem Ukraine-Krieg, den Sanktionen und Gegensanktionen, den hohen Energiepreisen gekoppelt mit einer unsicheren Öl- und Gasversorgungssituation für Europa sorgen für ein weiter risikobehaftetes und volatiles Umfeld an den Finanzmärkten. Für die weitere Entwicklung der Kurse sind derzeit ausschließlich geopolitische Themen relevant. Wir hoffen trotzdem auf eine baldige Bodenbildung des ATX.

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General information

AuthorErste Group Research
Date2022/03/04
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusBanks, Industrial Goods & Services
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