2016 Global Market Outlook

Sehr geehrte Medienschaffende

T. Rowe Price hat den "2016 Global Market Outlook" veröffentlicht, in dem u.a. der neue Chief International Economist Nikolaj Schmidt sowie der Head of Fixed Income, Ted Wiese, und der US-Aktienexperte Rob Sharps zu Wort kommen.

Anbei finden Sie ausgewählte Kernaussagen auf Deutsch, im Anhang den vollständigen Report auf Englisch.

• Die höhere Volatilität in den Anleihemärkten dürfte aufgrund von regionalen Wachstumsunsicherheiten und der divergierenden Geldpolitik der Notenbanken anhalten.
• In 2015 konnte man eine Ausweitung der Credit Spreads beobachten. So lange sich die Weltwirtschaft weiterhin auf einem stabilen Wachstumspfad befindet, dürften der High-Yield-Sektor und andere Kredit-Strategien in 2016 gute Chancen bieten.
• US-Aktien sollten die zu erwartenden geringen Anleiherenditen outperformen. Die US-Konjunktur dürfte weiterhin von einem angemessenen wirtschaftlichen Wachstum und einem mässigen Anstieg der Unternehmensgewinne geprägt sein, obschon es zwischen den einzelnen Sektoren und Industrien deutliche Unterschiede gibt. Unterdessen erwarten die T. Rowe Price-Experten beträchtliche Aktivitäten hinsichtlich M&A und Aktienrückkäufen.
• Die Erwartung ist, dass Spreads von europäischen Unternehmensanleihen weiterhin eng bleiben dürften, während die EZB ihre monatlichen Anleihekäufe fortsetzt. Investment-Grade-Anleihen könnten derzeit ein besseres Preis-/Leistungsverhältnis bieten, während europäische High-Yield-Anleihen im Vergleich zu den USA weiterhin attraktiv erscheinen.
• Eine deutliche Erholung der europäischen Unternehmensgewinne bleibt unwahrscheinlich, aber falls sich die Wirtschaft weiter verbessert, gibt es Raum nach oben. In jedem Fall sollten Investoren selektiv vorgehen, da die Bewertungen sich von Sektor zu Sektor sehr unterscheiden.
• Ein enttäuschender Trend in 2015 war die deutliche Underperformance von sowohl Schwellenländer-Anleihen als auch -Aktien. Jedoch haben die Bewertungen einen Punkt erreicht, an dem die T. Rowe Price-Experten erwarten, dass Investoren von einem Anstieg des Engagements belohnt werden könnten.

- "2016 Global Market Outlook" (PDF)

Bei Interesse an weiteren Informationen oder Interviewwünschen wenden Sie sich bitte an:

Roland Cecchetto oder Johanna Doeblin

Communicators AG

[phone]

[e-mail]

[e-mail]

***********************************

The Outlook for 2016: A Mixed Picture Amid Monetary Divergence

Looking ahead, we expect the world's leading economies will continue to post positive, albeit modest, economic growth in 2016, with pockets of both strength and weakness. Some of our key expectations for the coming year include:

Some of our key expectations for the coming year include:

• Across fixed income markets, it is probable in our view that higher volatility will persist as a result of regional growth uncertainties and divergent central bank policies, creating opportunities for investors who can take advantage of the global opportunity set.

• We witnessed some widening of credit spreads in 2015. As long as the global economy continues to perform reasonably well, we would expect there will be good opportunities in high yield and other credit strategies in 2016.

• We believe US equities could outperform what we expect to be very low fixed income returns. The US economy appears poised to continue to generate decent economic growth and modest corporate earnings growth, although with considerable dispersion among sectors and industries. Meanwhile, we expect to see continued substantial merger and acquisition and stock buyback activity.

• Eurozone sovereign spreads are likely to remain narrow as the European Central Bank maintains its monthly bond purchases. Investment grade debt could offer better value, while European high yield looks set to remain attractive relative to the US.

• A meaningful recovery in European corporate earnings remains elusive but there is room to grow if the economic recovery continues. However, a selective approach to European equities is required as valuations vary widely by sector.

• One disappointing trend in 2015 has been the sharp underperformance of both emerging debt and emerging equities. However, valuation levels have reached the point where we believe that investors could be well rewarded for increasing their emerging markets exposure.

-ENDE-

About T. Rowe Price

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with $725.5 billion in assets under management as of September 30, 2015. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com, Twitter, YouTube, LinkedIn, or Facebook.

The mutual funds referred to in this website are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Download a prospectus .

This website does not provide investment advice or recommendations. Nothing in this website shall be considered a solicitation to buy or an offer to sell a security, or any other product or service, to any person in any jurisdiction where such offer, solicitation, purchase, or sale would be unlawful under the laws of such jurisdiction.

Copyright 1996-2015, T. Rowe Price Investment Services, Inc., Distributor. All Rights Reserved. T. Rowe Price, Invest with Confidence, and the bighorn sheep design are all registered trademarks of T. Rowe Price Group, Inc. All other registered trademarks are the property of their respective owners.

# # #

Provider		Channel		Contact
Tensid Ltd., Switzerland www.tensid.ch		newsbox.ch www.newsbox.ch		Provider/Channel related enquiries [e-mail] [phone]