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2020/12/11 / Erste Group Research

ATX auf der Überholspur

Der globale Aktienmarktindex stieg in der letzten Woche in EUR um +0,5%. Der S&P 500 legte in EUR um +0,3% zu, der Stoxx 600 Index stieg um +0,4%.

Die globalen Notenbanken stellen den Finanzmärkten weiterhin sehr hohe Mengen an Liquidität zur Verfügung. Die Aktienmärkte profitieren davon indirekt. Es gibt über große Zeitspannen eine hohe Korrelation zwischen den aggregierten Bilanzsummen der Notenbanken und dem globalen Aktienmarktindex.

Wir erwarten, dass der globale Aktienmarkt-Index in der nächsten Woche seitwärts tendieren wird. Der US-Markt befindet sich in einer stark übergekauften Situation, die voraussichtlich erst in den nächsten Tagen bereinigt wird.

Die Aufwärtsbewegung des ATX ging auch diese Woche mit + 1,5% weiter. Dank eines kräftigen Kursplus von ATX-Five-Wert OMV überholte der österreichische Aktienmarkt seine internationalen Pendants. Nach der Impfstoff-Rally über den November, drückten die stockenden Brexit-Verhandlungen sowie drohende Lockdown-Verschärfungen auf den Risikoappetit der Anleger. Kommende Woche sehen wir den ATX um die 2.600-Punkte tendieren.

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General information

AuthorErste Group Research
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusBasic Resources, Construction & Material, Food & Beverage, Industrial Goods & Services

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