Look for:

Research Detail

2023/03/10 / Erste Group Research

Renditeanstieg belastet Sentiment für US-Bankaktien


Nach den Äußerungen des Fed-Vorsitzenden stiegen die Renditen in den USA weiter an. US-Anleihen mit 2 Jahren Laufzeit erzielten zur Wochenmitte eine Rendite von 5,07%. Die stark inverse Zinskurse und der Absturz der SVB Financial Group belasteten das Anleger-Sentiment in Bezug auf den US-Bankensektor.

Aktien Global: Das für 2023 erwartete Gewinnwachstum der Banken in Nordamerika hat sich in den letzten Wochen verschlechtert. Für 2023 wird nur mehr ein Gewinnanstieg um +3,7% (j/j) erwartet. Auch für 2024 wird laut Konsensus-Schätzung keine relevante Wachstumsbeschleunigung prognostiziert (EPS 2024e: +3,8% j/j).

Ausblick: Die Risikobereitschaft der Anleger ist wegen der Befürchtung von Bewertungsverlusten bei Staatsanleihen bei US-Banken gesunken. Wir erwarten einen Anstieg der Volatilität des globalen Aktienindex und eine Abschwächung in der nächsten Woche.

Aktien Österreich: Nachdem der ATX letzte Woche einen 12-Monats-Höchststand erreicht hatte, konsolidierte der österreichische Leitindex diese Woche mit -0,6%. Zahlreiche Ergebnisvorlagen rückten wieder ins Blickfeld der Anleger. Besonders gut aufgenommen wurden die soliden Ergebnisse von Andritz gekoppelt mit einem positiven Ausblick. ATX-Schlusslicht hingegen war die AT&S nachdem der Mittelfristausblick um ein Jahr verschoben wurde.

PDF Download Download PDF (1.1MB)

General information

AuthorErste Group Research
Date2023/03/10
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusBanks, Chemicals, Construction & Material, Industrial Goods & Services, Technology
Download

Erste Group related products

Name  ISIN# Erste Group products
Addiko BankAT000ADDIKO00
AndritzAT000073000778
AT&SAT000096998577
LenzingAT000064450584
PORRAT00006096070
SBOAT000094665223
ZumtobelAT000083730740



Decline
Accept

We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. For more details please read our Data protection policy.

INFORMATION FOR CORPORATE AND INSTITUTIONAL CLIENTS

Any information, material and services regarding financial instruments and securities provided by Erste Group Bank AG or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites”) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions (the “Interested Party“).

The publication and distribution of information as well as offering and selling of products and services described on the Websites is prohibited by law in some jurisdictions. For this reason, persons in countries in which the publication as well as the offering and selling of products and services described on the Websites are not permitted by law, must not enter the Websites and/or acquire the products displayed on the Websites.

Neither Erste Group nor any third party shall offer access to the Websites or offer the products to especially, but not limited to citizen/residents of the United States and “U.S. person” (as defined in Regulation S under the US Securities Act 1933 as amended). For this reason, the distribution or redistribution of the information, materials and products into United States or into any other jurisdiction where it is not permitted under the applicable law, as well as to the citizens/residents of these countries shall be prohibited. The securities displayed on the Websites have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. For this reason the securities may, inter alia, not be offered, sold or delivered within the United States or, for the account and benefit of U.S. persons.

The Interested Party is solely responsible to examine, whether he may enter the Websites under the law applicable to it. Erste Group shall not be responsible for the distribution of content of any of the Websites to individuals or entities which provide false information about their right to enter the Websites. For this reason Erste Group shall not be liable for any legal claims or damages which may result from the unauthorized entering or reading of the Websites.

By agreeing to this hereto, the Interested Party confirms that
(i) It has read, understood and accepted this Information and the Disclaimer;
(ii) It informed itself about any possible legal restriction and warrants that it is not restricted or prohibited to enter the Websites according to any law applicable; and
(iii) It does not make available the contents of the Websites to any person who is not qualified by law to enter the Websites.
(iV) It is no consumer.