Update: db x-trackers MSCI EMU Index UCITS ETF (DR)

Dieser ETF bildet den MSCI EMU ab, der deutlich breiter gefasst ist als der Euro STOXX 50 und entsprechend nicht nur die Giganten unter den Konzernen der Eurozone abbildet. Übergewicht deutscher und französischer Aktien ist dennoch zu beachten.

Kenneth Lamont 20.05.2016

Rolle im Portfolio

Investors in eurozone equities have a lot to thank the European Central Bank for since the 2011-12 sovereign debt crisis, which threatened to break up the Monetary Union. The MSCI EMU Index has risen more than 70% since Mario Draghi’s pledge in mid-2012 to “do whatever it takes” to preserve the euro. As of this writing, the MSCI EMU Index hovers below its 2007 pre-crisis highs.

The unprecedented quantitative easing programme unveiled by the ECB in January 2015 has given investors fresh reason to be optimistic about the region. The programme, which was expanded in March 2016, now involves the buying of EUR 80 billion of government bonds on a monthly basis until, at the earliest, March 2017. Full-blown QE represents the latest, and most dramatic in a series of economic stimulus measures introduced by the ECB, including earlier asset-buying initiatives (for example, covered bonds) and successive interest-rate cuts that have left lending rates hugging the zero bound. Such an enormous and sustained stimulus package, in conjunction with a falling euro and low energy prices, can be expected to boost price levels and stimulate growth.

In spite of a more positive domestic macro outlook, downside risks to eurozone equity valuations remain. The potential for significant political tensions within the monetary union has resurfaced with the election of the Syriza coalition in Greece, which swept to power on an anti-austerity, debt-forgiveness ticket. The spectre of a "Grexit" refuses to recede, and the resultant uncertainty continues to blight the eurozone. This said, the risks of contagion within the monetary union appear to have subsided for the time being.

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Über den Autor

Kenneth Lamont  ist Fondsanalyst bei Morningstar.

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