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2019/03/08 / Erste Group Research

Equity Weekly


Die abgelaufene Woche war vom Anstieg der Volatilität an den Märkten geprägt. Nach dem Ende der Berichtssaison richtete sich das Augenmerk der Investoren wieder verstärkt auf makroökonomische und politische Aspekte. Diesbezüglich bleiben die Risiken weiter bestehen.

Der Euro verlor bereits während der EZB-Pressekonferenz vom Donnerstag an Terrain. Die europäische Notenbank kündigte Maßnahmen gegen eine Verlangsamung des Wirtschaftswachstums in Europa an. Der Zinsausblick wurde geändert und neue Liquiditätsprogramme beschlossen.

Wir erwarten in der kommenden Woche eine moderate Abschwächung der globalen Leitindizes. Die Volatilität dürfte gleichzeitig ebenfalls ansteigen. Der Goldpreis befindet sich derzeit in der Nähe des unteren Endes seiner Trading-Range. Er sollte sich wieder leicht befestigen.

In einer schwachen internationalen Börsenlandschaft rutschte der ATX am Donnerstag wieder unter die 3,000-Punkte Marke und schloss auf Wochensicht 2,2% tiefer. Belastet wurde der Index besonders durch die beiden Banktitel. International sorgten schwächere Schätzungen zum Wirtschaftswachstum 2019 für die Euro-Zone sowohl seitens der EZB (von 1,7% Plus auf 1,1% Plus) für Verkaufsdruck. Zudem will die EZB die Zinsen zumindest bis Ende 2019 nicht erhöhen und neue Liquiditätsprogramme auflegen.

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General information

AuthorErste Group Research
Date2019/03/08
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusBanks, Chemicals, Financial Services, Industrial Goods & Services, Telecommunications
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