|2022/10/12 / Erste Group Research|
Das vierte Quartal bleibt schwierig und wird durch anhaltend hohe Unsicherheit weiter geprägt sein. Für Europa bleiben die Auswirkungen der hohen Energiepreise der größte Risikofaktor sowohl für eine hohe Inflation als auch für eine schwache Konjunktur. Die EZB wird zwischen diesen Polen manövrieren. Dies bedeutet weitere Zinsanhebungen, das Ausmaß bleibt aber ungewiss. Ähnlich die Situation in den USA, wo die Entwicklung der Inflation und damit der Zinsen im Fokus der Kapitalmärkte bleiben werden. In diesem Umfeld empfehlen wir defensive Veranlagungen.
|Author||Erste Group Research|
|Product name||Video German|
|Topic in focus||Macro/ Fixed income|
|Economy in focus||Eurozone, United States|
|Currency in focus||Euro, US Dollar|
|Sector in focus||-|
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