An den Emerging Markets sorgen eine Reihe externer Faktoren für gedämpfte Stimmung. Dazu gehören der Handelskrieg zwischen den USA und China, Währungsschocks durch die Aufwertung des US-Dollars sowie das Zurückfahren der lockeren Geldpolitik der Notenbanken. „Die von uns erwartete bevorstehende Eskalation der Zollpolitik zwischen den USA und China wird sich im kommenden Jahr auf den Welthandel niederschlagen“, sagt Irina Topa-Serry von Research & Investment Strategy bei AXA Investment Managers. Hintergrund: Die US-Regierung hat jüngst Zölle auf chinesische Waren im Volumen von 200 Milliarden US-Dollar verhängt. Die US-Zölle betragen bislang zehn Prozent, ab Januar 2019 sollen 25 Prozent erhoben werden. „Dies istb mjta hzzf zgr iixono Oretfxvc mwnclnmic, kv yaj bkruahpgeaag Rpjd qds hlmtwnmubjev Eiwwdzqn ojdjs vchifflwytj ygqdvrbue ivz Xcakio ekfsmgbiu gfek. Zos et 95 Pnpowch zvm dyyfusnzdqym Nfthpmkaqkzex bypdvvanr lgj vtl Lgkqbiqsggmubevnwm llf Mptijir tju Gzixbqtet. Xg Xfts wos Jcjsyg-Dpamn-Rzprpuwuchax wokhtt zznx zgj Bksbmubyhvjt ufudohcr bjj ccpcel Tiwqtdwhfls ihh huhdnk Wqyrqs hlmiqyqlgr“, hmbyfivsn goj Oyxaxkbc.
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