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Vorsicht an den Märkten: hohe Inflation, verlangsamtes Wachstum // Amundi Global Investment Views August, 2022

Von Vincent Mortier, Group CIO Amundi und Matteo Germano, Deputy Group CIO Amundi

(PresseBox) (München, )
Die erste Sequenz des doppelten Bärenmarktes (bei Aktien und langfristigen Anleihen), mit der Anpassung an das Ende der lockeren Geldpolitik und die steigende Inflation, ist aus unserer Sicht fast abgeschlossen. Jetzt hat sich das Narrativ geändert, und es steht nach unserer Auffassung eher die Verlangsamung des Wachstums im Fokus als die Angst vor Inflation. Drei wichtige Themen sollte man nach unserer Auffassung beobachten:

1. Geringeres Wachstum, hohe Inflation Die entwickelten Märkte befinden sich offenbar in einem Stagflationsszenario mit Divergenzen und möglichen Auswirkungen der Gasrationierung auf das europäische BIP-Wachstum.

2. Möglicherweise sinkende Gewinnerwartungen Die derzeitigen Marktpreise erscheinen immer noch kohärent mit
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