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2020/08/28 / Erste Group Research

ATX - Altbekannt ist oft gut bewährt


Globale Aktien: S&P 500 Neue All-time Highs, Emerging Markets outperformen

Für nächstes Jahr wird für die Unternehmen der Schwellenländer wieder ein starker Gewinnanstieg erwartet (2021e: +20,8%). Der globale Schwellen-länderindex dürfte daher in den kommenden Monaten seinen bereits einge-schlagenen Aufwärtstrend fortsetzen. Ausblick: Der globale Aktienindex sollte auch in der kommenden Woche einen leichten Zugewinn erzielen.

Der ATX tendierte diese Woche mit + 1,3% leicht nach oben, blieb aber hin-ter der stärkeren Entwicklung der internationalen Aktienmärkte zurück. Be-sonders im Fokus standen diese Woche in Wien die Immobilienwerte. Das Kerngeschäft Vermietung lief einheitlich stabil im 2. Quartal, operative Er-gebnisrückgänge verzeichneten vor allem Titel mit Hotelexposure infolge der Corona Lockdowns. Die große befürchtete Abwertungswelle, wie die hohen Buchwertabschläge einpreisen, hat es zum Halbjahr hingegen nicht gege-ben. Auf Entwicklerseite ist bei der UBM in den Segmenten Wohnen und Büro sogar wieder „alter“ Optimismus zurückgekehrt und die Pipeline wurde stark aufgestockt.


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General information

AuthorErste Group Research
Date2020/08/28
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusConstruction & Material, Financial Services, Food & Beverage, Health Care, Industrial Goods & Services, Insurance, Real Estate
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