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2024/09/27 / Erste Group Research

Aktienmärkte: Zinssenkungen und Stimuli in China stützen

Die Zinssenkung der Fed in der Vorwoche und die geldpolitischen Maßnahmen der chinesischen Notenbank sowie angekündigte fiskalpolitische Stimuli in China steigerten die Risikobereitschaft der Anleger. Der globale Aktienmarktindex setzte daher in der letzten Woche seinen Aufwärtstrend fort und erreichte in USD ein Rekordhoch.

Aktien Global: Der globale Aktienmarkt profitiert auch von der Erwartung rascher steigender Gewinne im nächsten Jahr im Vergleich zu heuer. Die prognostizierte Gewinnsteigerung beträgt für 2024 +6,2% (J/J). Die Konsensus-Schätzung für 2025 ist hingegen ein Gewinnzuwachs um +12,3% (J/J). Alle Sektoren werden 2025 positive Beiträge zum Gewinnwachstum liefern. Den größten Anteil am gesamten, erwarteten Gewinnzuwachs haben die Sektoren Technologie, zyklischer Konsum, Gesundheit, Finanzen und Industrie.

Ausblick: Nächste Woche berichtet nur Nike (01.10.) seine Quartalsergebnisse. Der Aktienmarkt befindet sich aktuell wieder in einem Risk-Off-Modus. Wir erwarten daher, dass der globale Aktienmarktindex in der nächsten Woche weiter leicht ansteigen wird.

Aktien Österreich: Der ATX verteidigte diese Woche die 3.600-Punkte-Marke mit einem zarten Minus von 0,9%. An die Spitze setzte sich die Telekom Austria mit +4,4%, während Immofinanz und CA Immo erneut stark abrutschten. Die CA Immo-Aktie haben wir auf Akkumulieren hochgestuft, da wir den starken Kursrutsch im letzten Monat ohne fundamentale News als übertrieben ansehen. Für die nächste Woche erwarten wir den österreichischen Leitindex am ehesten in der Bandbreite 3.600-3.700 Punkte.

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General information

AuthorErste Group Research
Date2024/09/27
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusConstruction & Material, Real Estate, Technology
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CA IMMOAT000064135221
ImmofinanzAT0000A21KS211
PORRAT00006096070



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