Im letzten Jahr prägten drei Fragen unseren Eindruck von den globalen Finanzmärkten: Werden die USA in eine zweite Rezession abgleiten? Wird die Eurozone auseinanderbrechen? Steht China eine unsanfte Landung bevor? In allen drei Punkten waren die Märkte weitaus pessimistischer als wir. Sie haben - vor allem zum Jahresende hin - sogar dramatische Negativszenarien erwartet und eingepreist. Anfang 2012 lassen sich zwei unserer Fragen unseres Erachtens aber überzeugter verneinen. In den USA bessern sich in letzter Zeit Arbeitsmarkt- und Konjunkturdaten und die Wirtschaft wächst offenbar weiter. In China nahm das Bruttoinlandsprodukt (BIP) im letzten Jahr um über 9% zu[1], was die
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