Lesezeit: 3 mins
Fixed Income ist nicht nur defensiv – es kann entscheidend dazu beitragen, Aktienrisiken auszugleichen. Von historisch hohen Bewertungen über das Risiko einer möglichen Rezession bis hin zu steigenden Zinsen zeigen wir, welche Pufferfunktion Anleihen übernehmen können. Wir sind überzeugt, dass Anleihen eine zentrale Rolle dabei spielen, die sechs wichtigsten Herausforderungen zu bewältigen, mit denen Anleger heute konfrontiert sind.
GU-785 - 21 Januar 2027
Rising margin expectations continue to support equities, underscoring the resilience of corporate profitability in the face of last year’s tariffs and this year’s Middle East war. The U.S. remains especially strong compared to peers, though first quarter earnings will be an important test.
Technology valuations have meaningfully declined over the past year, but the sector continues to stand out for its strong earnings growth and relative resilience. While near-term uncertainty remains, tech still appears well positioned as a key driver of broader market growth.
Recent jobless claims data point to a resilient U.S. labor market, with both initial and continuing claims remaining low and signaling that unemployment is still contained. Although job growth has softened and remains subdued, March’s job growth of 178,000, the highest since 2024, is encouraging. Our constructive outlook still holds despite continued uncertainty related to the war in the Middle East.
Volatility has picked up as the conflict in the Middle East enters its second month. Higher oil prices are increasing inflation uncertainty and raising questions about global growth.
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