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2022/09/09 / Erste Group Research

Leichte Erholung am Markt


Leichte Erholung am Markt: Globale Aktien +0,4% im Wochenvergleich. Der Aktienmarkt profitierte u.a. von den leicht gefallenen Energiepreisen aufgrund der schwächer als erwarteten Wirtschaftsdaten in China. Emerging Markets Aktien fielen dabei um -2%.

Aktien Global: Die große chinesische Metropole Chengdu verlängerte am Donnerstag den Covid-Lockdown erneut. Der Einkaufsmanagerindex der chinesischen Industrie fiel im August (49,5 Pkt.) unter die wichtige Marke von 50 Punkten. Neue Daten zur Inflation (+2,5% j/j) und den Produzentenpreisen (+2,3% j/j) bestätigten diese Woche die Schwäche der chinesischen Wirtschaft. Der chinesische Aktienmarkt fiel diese Woche um -4%. Eine Trendumkehr erwarten wir derzeit nicht.

Ausblick: Der globale Leitindex befindet sich in einer Konsolidierungsphase. Die Tiefs von Mitte Juni wurden bisher erfreulicherweise nicht mehr getestet - trotz u.a. derzeit höheren Renditen auf 2J US-Treasuries (3,5% vs. 3,4% im Juni). Wir erwarten einen anhaltenden leicht positiven Seitwärtstrend am globalen Aktienmarkt. Regional bleiben US-Aktien attraktiver als Europäische.

Aktien Österreich: Der ATX schloss diese Woche mit klarem Kursaufschlag von 4,6% und hievte sich über die 2.900-Punkte Marke zurück. Besonders Bankwerte – allen voran die Erste Group - zogen den ATX nach oben unterstützt von der Aussicht auf steigende Zinsen nach dem gestrigen EZB-Zinsschritt. Auch der Verbund revidierte einen Teil seiner Kursverluste, nachdem die von der EU vorgeschlagene Strompreisbremse höher als erwartet war.

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General information

AuthorErste Group Research
Date2022/09/09
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusConstruction & Material, Industrial Goods & Services
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