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Amundi Deutschland GmbH Arnulfstraße 124 - 126 80636 München, Germany http://www.amundi.de
Contact Ms Anette Baum

Zollwende, Marktwende

(PresseBox) (München, )
Die Kunst der Politikgestaltung besteht zu einem großen Teil darin, Erwartungen festzulegen, an denen alle künftigen Entscheidungen gemessen werden. Als Präsident Trump am „Liberation Day“ seine extremen Zölle einführte, waren die Märkte verständlicherweise beunruhigt. Seitdem haben jedoch die Widerstandsfähigkeit des US-Arbeitsmarktes, über den Erwartungen liegende Unternehmensgewinne und eine Deeskalation des Handelskriegs die Stimmung verbessert. Risikobehaftete Anlagen haben sich erholt und die Anleiherenditen sind gestiegen.

Ob diese Erholung von Dauer ist, hängt von der Konjunkturentwicklung und der Klarheit der Handelspolitik ab. Bei Anleihen wird der Druck am langen Ende der Zinskurve aufgrund der fiskalischen Probleme und der hohen Verschuldung – nicht
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