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2022/05/06 / Erste Group Research

Angespannte Lieferketten lasten auf Aktienmärkten


Der Weltaktien-Index schwächte sich in der letzten Woche ab. Er verlor in EUR -2,2%. Der S&P 500 notierte in EUR -3,0% tiefer. Der Stoxx 600 gab -0,7% nach. Fester hingegen notierte der Nikkei 225. Er legte in EUR um +0,5% zu. Der globale Schwellenländerindex stieg in EUR um +1,8%.

Lockdowns in China und eine Fortsetzung der letztjährigen Lieferkettenprobleme belasten derzeit den globalen Aktienmarkt. Der Einkaufsmanager-Index der chinesischen Industrie fiel im April auf sehr tiefe 46 Punkte. Im Dienstleistungssektor notiert der Index im April bei nur noch bei 36,2 Punkten. Das ist der zweittiefste je erreichte Indexstand nach Februar 2020.

Die Berichtssaison für das 1Q geht allmählich ihrem Ende zu. Nächste Woche berichten deutlich weniger Unternehmen über ihre Geschäftsentwicklung als zuletzt. Die Risikobereitschaft der Anleger ist durch anhaltende Lieferkettenprobleme, steigende Energiepreise und die Zinswende geringer geworden. Die hohe Volatilität an den Aktienmarkten sollte andauern. Wir erwarten für die nächste Woche eine Seitwärtsbewegung des globalen Aktienmarktindex.

Der ATX schloss diese Woche 3,6% tiefer. International einziger Sektor im Plus war Öl&Gas nachdem das geplante neue EU-Sanktionspaket auch ein Embargo für russisches Öl beinhalten soll. OMV und SBO legten zu. Verbund und EVN rutschten hingegen nach Aussagen über eine mögliche höhere Besteuerung ab. Die Berichtssaison zeigte diese Woche ein gemischtes Bild, die Ertragskraft litt unter der Kosteninflation. Kommende Woche sehen wir den ATX am ehesten zwischen 3.000 und 3.300 Punkten.

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General information

AuthorErste Group Research
Date2022/05/06
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusAutomobiles & Parts, Banks, Chemicals, Construction & Material, Industrial Goods & Services, Real Estate, Technology
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