17.04.2026 17:34:51

State Street Global Advisors: Q2 Bond Market Outlook: Auf der Suche nach Sicherheit

Q2 Bond Market Outlook: Auf der Suche nach Sicherheit

Umgang mit unsicheren Wachstums- und Inflationsannahmen

Energieschocks haben die Inflationsrisiken erneut entfacht und die Zinsmärkte durcheinandergewirbelt, was die Weltwirtschaft und die globale Anleihen-Perspektive beeinflusst. Unser Q2 Bond Market Outlook zeigt Wege für das Management von Inflationsrisiken, Duration und Performance in einem volatilen Umfeld auf.

Kernthemen für dieses Quartal sind:

• Inflation und TIPS: Inflationsrisiken, die durch Energiepreise getrieben werden, treten wieder stärker in den Vordergrund, während langfristige Erwartungen stabiler bleiben. Treasury Inflation Protected Securities können helfen, Inflationsschutz mit Durationsexposure auszugleichen.

• Duration und CLOs: Die starke Volatilität am kurzen Ende hat auch kurze Durationen unter Druck gestellt. Euro AAA CLOs zeigten aufgrund ihrer begrenzten Duration und diversifizierten Kreditexposure eine grössere Widerstandsfähigkeit.

• Wandelanleihen: Ist diese hybride Anlageklasse bereit für eine Erholung?

Ausserdem analysiert unsere proprietäre PriceStats®-Auswertung den Einfluss des Golfkonflikts auf die Inflation detailliert.

Q2 Bond Market Outlook

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CLO Debt Securities carry certain structural risks including potential subordination to the other tranches of debt in the same capital structure, volatility of underlying collateral values, and potential for principal loss of the underlying assets in excess of the equity valuation. CLOs issue classes or "tranches" of securities that vary in risk and yield. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches.

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Q2 Bond Market Outlook: Auf der Suche nach Sicherheit

Umgang mit unsicheren Wachstums- und Inflationsannahmen

Kernthemen für dieses Quartal sind:

• Wandelanleihen: Ist diese hybride Anlageklasse bereit für eine Erholung?

Ausserdem analysiert unsere proprietäre PriceStats®-Auswertung den Einfluss des Golfkonflikts auf die Inflation detailliert.

Q2 Bond Market Outlook

Präferenzen DatenschutzKontakt statestreet.com/im

For Investment Professional Use Only. Marketing Communication.

SSGA entities

Investing involves risk including the risk of loss of principal.

Past performance is not a reliable indicator of future performance.

All forms of investments carry risks, including the risk of losing all of the invested amount. Such activities may not be suitable for everyone.

Diversification does not ensure a profit or guarantee against loss.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA's express written consent.

Expiration Date: 31/07/2026

8864271.1.3.EMEA.INST

This email is classified as General Access.

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Gold & Silber: Ausblick 2026 mit Torsten Dennin

Gold & Silber im Crash – was steckt hinter dem Preisrücksetzer?
Nach starken Kursanstiegen bei Gold und Silber kam es Anfang 2026 zu historischen Rücksetzern . Doch was waren die Ursachen? Und wie geht es jetzt weiter mit den Edelmetallen und dem «digitalen Gold» Bitcoin?

Im Gespräch mit Prof. Dr. Torsten Dennin, CIO von Asset Management Switzerland AG und Rohstoffexperte, analysieren wir:

Warum Silber innerhalb weniger Tage über 30 % verlor
Parallelen zum „Silver Thursday“ 1980
Welche Rolle die Fed und Zinserwartungen spielten
⚖️ Warum Silber stärker schwankt als Gold
Ob Gold wirklich ein „sicherer Hafen“ ist
Wie hoch die ideale Goldquote im Portfolio sein sollte
⛏️ Warum Gold- und Silberminen 2026 besonders spannend sein könnten
Warum 2026 ein Rohstoffjahr werden könnte (Öl, Kupfer, Agrarrohstoffe)
₿ Und was der Bitcoin-Rücksetzer mit Tech-Aktien gemeinsam hat

Spannend: Torsten Dennin hatte bereits im September eine Gold-Prognose von 4.200–4.400 USD und Silber bei 60–80 USD genannt – beide Ziele wurden erreicht bzw. übertroffen.

Ist der Rücksetzer nur eine gesunde Korrektur oder der Beginn einer grösseren Trendwende?
Jetzt reinschauen und die Einschätzung vom Experten erfahren!

Gold & Silber: Ausblick 2026 mit Torsten Dennin

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