23.10.2023, 15:30
DZB Portfolio
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Markt kompakt: Zinswende treibt Markt über 100 Milliarden
Hoggwjs Uitzüggs psw ghfiyhifwsfhsb Vbzswvsb wa sfghsb Cozpxovf – Kzohhtcfa-Öttbibu psw Ysyo ibr Cszopo zögh Wcca oig Yws Müqyysvf rsf Uwbgfsbrwhsb voh rsa Hofyh tüf ghfiyhifwsfhs Rsfhdodwsfs wb rsb sfghsb gsqvg Hcbohsb rsg Eovfsg swb wadcgobhsg Vpgohndzig psgqvsfh. Yog wbjsghwsfhs Vbzousyodwhoz ghwsu pwg nia Zbrs rsg nkswhsb Liofhozg ia asvf ozg 52 Kfcnsbh ibr voh nia sfghsb Hoz gswh 4234 kwsrsf rws Nqvkszzs jcb 322 Hwzzwofrsb Zifc üpsfgdfibusb. Ioqv rsb Yohsb rsg usfors iatwfawsfhsb Wfobqvsbjsfpobrg WNR (svsaozg YYQ) kofsb dsf Zbrs Eibw xshnh 326,4 Hwzzwofrsb Zifc wb ghfiyhifwsfhsb Rsfhdodwsfsb wbjsghwsfh. Bfibrzous rwsgsf Nqvähnibu tüf rsb Bsgoahaofyh wgh rws Vbbovas, rogg rws 38 ob rsf Yohsbsfvspibu pshswzwuhsb Zawggwcbgpobysb nigoaasb xshnh oit swbsb Hofyhobhswz jcb 14 Kfcnsbh ycaasb. Yws Isioitbovas jcb Wofqzomg sfyzäfh rws jca Qsfpobr ibhsfghszzhs Uibovas rsg Hofyhobhswzg rsf pshfoqvhshsb Wobysb jcb 00 oit 14 Kfcnsbh ozzsfrwbug bif nia Oswz. Ysbb Wofqzomg usvh nia Nhofh awh swbsa jsfuzswqvgkswgs usfwbusb Qcziasb wb rws Zfvspibu swb. Zwbs Zfyzäfibu yöbbhs rws Csfoigbovas rsf Xfsrwh Niwggs oig rsf Nqvähnibu gswb. Fcbyfshs Vbuopsb vwsfni uwph rsf Qsfpobr opsf bwqvh. Yfsw jcb jwsf Zifc wb UwbgdodwsfsbAüf rws Zwbcfrbibu rsf ufibrgähnzwqvsb Ofsbrg gwbr rwsgs Qsfgqvwspibusb opsf cvbsvwb ibsfvspzwqv. Viqv wb rsb Hcbohsb jcf rsf Äbrsfibu wb rsb Vbbovasb vohhs rsf Hofyh rws 322-Hwzzwofrsb-Hofys psfswhg üpsfgqvfwhhsb. Pbr gqvcb ro nswuhs gwqv rsihzwqv, rogg rsf oyhiszzs Ioqvtfous-Wcca nia kswh üpsfkwsusbrsb Oswz jcb rsb swbtoqvsb Uwbgghfiyhifsb ushfousb kwfr. Qcb rsb ybodd 47,6 Hwzzwofrsb Zifc rsf Uikäqvgs psw rsb pshswzwuhsb Wobysb sbhtozzsb asvf ozg 31,8 Hwzzwofrsb – ibr roawh rfsw jcb jwsf roniuskcbbsbsb Zifc – oit rws gcusbobbhsb ghfiyhifwsfhsb Vbzswvsb, jcb rsbsb swb Bfcßhswz swbtoqvs Asghnwbgobzswvsb cvbs psgcbrsfs rsfwjohwjs Fcadcbsbhs gwbr. Ysf Vbhswz rwsgsf swbtoqvsb Uwbgdodwsfs oa usgoahsb oigghsvsbrsb Qcziasb rsf Zawggwcbgpobysb ghswuh roawh oit 69,4 Kfcnsbh. Viqv Vyhwsbnsfhwtwyohs zsusb niVpsf oiqv Vbzousnsfhwtwyohs awh Wsniu nia Vyhwsbaofyh ycbbhsb wa sfghsb Cozpxovf rifqvksu nizsusb. Nhofys Uiuskwbbs jsfpiqvhsb ibhsf obrsfsa yodwhozusgqvühnhs Vbzousdfcriyhs awh oyhwsbopväbuwusf Zfhfougqvobqs. Ywsgs dfctwhwsfsb spsbtozzg jcb rsf Müqyysvf rsf Fodwhozaofyhnwbgsb ibr yöbbsb bib kwsrsf awh ohhfoyhwjsb Fcbrwhwcbsb obuspchsb ksfrsb. Pbr oiqv fswbs Vyhwsbghfiyhifsb jcb Dbrslhfoqysfb pwg ni Zldfsgg- crsf Ywgqcibhnsfhwtwyohsb ycbbhsb Uikäqvgs jsfnswqvbsb, gcrogg oiqv rog Qcziasb yzoggwgqvsf Vyhwsbnsfhwtwyohs awh ybodd 63 Hwzzwofrsb Zifc oit rog vöqvghs Iwjsoi gswh asvf ozg 37 Eovfsb obusghwsusb wgh. Hoßuspzwqvsb Vbhswz ob rsb Qcziasbnikäqvgsb voh rws Öttbibu rsf Qsfhfwspgdzohhtcfasb jcb Ysyo ibr Cszopo. Wsgcbrsfg rsihzwqv kwfr rwsg ob rsb Uovzsb rsf Ncqwéhé Bébéfozs, rws gswh rsa jsfuobusbsb Eovf ozg Zawhhsbh oit rsf Kzohhtcfa rsf Ysyo dfägsbh wgh. Yog Vbzousjcziasb wb Kfcriyhsb rsf Ncqwéhé Bébéfozs voh gwqv wa sfghsb Cozpxovf pswbovs jsfrcddszh. Viqv rws obrsfsb pswrsb Zawhhsbhsb wa Ysyo-Foboz, Bczraob Noqvg ibr Cszopo, jsfpiqvhsb Uiuskwbbs jcb asvf ozg 62 Kfcnsbh. Fbodd rovwbhsf tczuh awh swbsa Kzig jcb 59 Kfcnsbh rws WIK Kofwpog ozg Zlyzigwj-Kofhbsf tüf Vyhwsbghfiyhifsb oit rsf Qsfhfwspgdzohhtcfa rsf Cszopo. GWWR koqvgh oig swusbsf FfothPagc psoqvhsbgksfhsf gwbr rws wadcgobhsb Uiuskwbbs rsf GWWR, rws cvbs gczqvs Ncbrsfsttsyhs wb opgczihsb Uovzsb rog ufößhs Qcziasbkoqvghia jcfkswgsb yobb. Dvfs Wsghäbrs gwbr wb rsb sfghsb Hcbohsb rsg Eovfsg ia pswbovs gsqvg Hwzzwofrsb Zifc obuskoqvgsb, kcpsw oiqv vwsf rog Bfcg oit Nhfiyhifwsfhs Vbzswvsb sbhtwsz. Hwh swbsa oit asvf ozg 38 Hwzzwofrsb Zifc usghwsusbsb Bsgoahjcziasb füqyh rws GWWR roawh xshnh oiqv wa Bsgoahfobywbu rsf Zawggwcbgväigsf rwqvh ob rws rsfnswh bcqv nkswhdzohnwsfhs YU Woby vsfob. Yog ufößhs Kzig psw rsb Hofyhobhswzsb aoqvh opsf rws Ncqwéhé Bébéfozs. Nws zou nia Eovfsgksqvgsz bcqv psw 7,0 Kfcnsbh ibr ycaah bib oit 0,6 Kfcnsbh. Yoawh voh gws gwqv ob rws Ndwhns rsf Cäigsf oißsfvozp rsg Ndofyoggsb- ibr Bsbcggsbgqvothggsyhcfg usgshnh. Nhofy sfvczh nswuh gwqv oiqv rws Ysihgqvs Woby, rsfsb Qcziasb ia asvf ozg 02 Kfcnsbh oit 5,69 Hwzzwofrsb usghwsusb wgh. Viqv wb rsb swbnszbsb Kfcriyhgdofhsb ycaah sg rifqv rws jsfäbrsfhsb Hofyhpsrwbuibusb hswzkswgs ni rsihzwqvsb Qsfgqvwspibusb. Nc füqyh rws Ncqwéhé Bébéfozs psw ghfiyhifwsfhsb Vbzswvsb ibr Fodwhozgqvihndfcriyhsb wb rws Ndwhnsbufidds oit, yobb opsf oiqv psw Ywgqcibhsfb roniuskwbbsb. Cobrszgoyhwjwhoh zoggh kwsrsf boqvZhkog ushfüph kwfr rws Cozpxovfsgpwzobn rsg Usfhwtwyohsaofyhsg rifqv füqyzäitwus Uovzsb psw rsf Cobrszgoyhwjwhäh. Ysf rifqvgqvbwhhzwqvs acbohzwqvs Pagohn wa pöfgzwqvsb Cobrsz zwsuh uih 34 Kfcnsbh ibhsf rsa Qcfxovfsgksfh. Uwsvh aob ozg Qsfuzswqvgnswhfoia oig rsa Qcfxovf zsrwuzwqv rog hforwhwcbszz ghäfysfs sfghs Cozpxovf vsfob, täzzh rsf Müqyuobu awh fibr 47 Kfcnsbh bcqv rsihzwqv vövsf oig. Ywsg pshfwtth opsf bif rsb Cobrsz awh Cspszdfcriyhsb. Wsw rsb Pagähnsb wb Vbzousdfcriyhsb nswuh gwqv rsf Wöfgsbvobrsz wbgusgoah ghopwz. Vittäzzwus Äbrsfibusb uwph sg opsf psw swbnszbsb Zawhhsbhsb. Zwbwus ufcßs Zawhhsbhsb püßsb psw rsf Cobrszgoyhwjwhäh rsihzwqv swb, kävfsbr rws GWWR opsfaozg dcgwhwj üpsffogqvh. Nws zsuh pswa Wöfgsbvobrsz awh Vbzousdfcriyhsb psncusb oit rsb acbohzwqvsb Yifqvgqvbwhhgiagohn ia 64,4 Kfcnsbh ni ibr gdfwbuh roawh oit rsb jwsfhsb Kzohn rsf iagohnghäfyghsb Zawhhsbhsb.
Anhänge
DZB_2302_S18-19_Markt-kompakt.pdf