Unsere quantitativen Aktienindikatoren haben ihre höchstmöglichen Negativwerte erreicht
Untergewichtung bei Aktien weltweit
Wir haben außerdem globale Immobilien untergewichtet und die Untergewichtung in italienischen Staatsanleihen beendet
Die Märkte haben den jüngsten Kurswechsel der Fed und der EZB schnell eingepreist: Die Renditen von Staatsanleihen sind in die Höhe geschnellt, die Credit Spreads haben sich ausgeweitet und die Aktienkurse sind in den letzten Wochen stark gefallen. Die Renditen und Spreads befinden sich auf einem Mehrjahreshoch, und die Aktienkurse liegen weltweit 20 % unter ihrem Höchststand vom Dezember. Also muss die Inflation weiter steigen und das Wirtschaftswachstum enttäuschen, damit die Märkte weiter fallen. Da die
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