{"id":12894,"date":"2025-04-01T20:36:00","date_gmt":"2025-04-01T18:36:00","guid":{"rendered":"https:\/\/vapa.ch\/?p=12894"},"modified":"2026-10-20T09:17:54","modified_gmt":"2026-10-20T07:17:54","slug":"quarterly-review-q1-2025-global-market-pulse","status":"publish","type":"post","link":"https:\/\/vapa.ch\/de\/vierteljahresruckblick-q1-2025-global-market-pulse\/","title":{"rendered":"Quartalsr\u00fcckblick Q1-2025 \ud83c\udf0d"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Die M\u00e4rkte bewegten sich im ersten Quartal schnell \u2013 und nicht immer geradlinig. F\u00fcr Anleger war es ein Quartal voller Wendungen. Handelsschocks, Zinsunsicherheit und ein paar wilde Kursbewegungen hielten alle auf Trab. Dieser <strong>Quartalsr\u00fcckblick<\/strong> wirft einen kurzen Blick darauf, was tats\u00e4chlich passiert ist \u2013 und was unterwegs besser h\u00e4tte funktionieren k\u00f6nnen.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-trade-tensions-escalate-again\">\ud83d\uded1 Handelsspannungen eskalieren erneut<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Die USA teilten kr\u00e4ftig aus: mit einem pauschalen Zoll von 10 % auf Importe und bis zu 60 % auf Waren aus China. Nicht gerade ein Rezept f\u00fcr ruhige M\u00e4rkte. China reagierte nat\u00fcrlich, und die <a href=\"https:\/\/vapa.ch\/de\/tag\/headline\/\">Schlagzeilen <\/a>zum Welthandel beherrschten wieder die Bildschirme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M\u00e4rkte m\u00f6gen keine \u00dcberraschungen, vor allem nicht, wenn zwei grosse Volkswirtschaften wirtschaftliches Pingpong spielen. Das Vertrauen litt, und mit ihm einige risikoreiche Anlagen.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-volatility-returned\">\ud83d\udcc9 Die Volatilit\u00e4t ist zur\u00fcck<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">War das vierte Quartal des Vorjahres noch \u00fcberraschend ruhig, so machte das erste Quartal dies wieder wett. Die grossen Indizes nahmen die Nachrichten schlecht auf:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Die <strong>S&amp;P 500<\/strong> Aktien rutschten kurzzeitig in Richtung B\u00e4renmarkt<\/li>\n\n\n\n<li>Die <strong>Hang-Seng-Werte<\/strong> fielen wie ein Stein<\/li>\n\n\n\n<li>Europas <strong>DAX<\/strong> und <strong>CAC 40<\/strong> folgten dicht dahinter<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Sichere H\u00e4fen wie Gold und Liquidit\u00e4t erlebten ein Comeback. Wachstumssektoren? Nicht ihr Moment. Wenn sich Ihr Portfolio holprig anf\u00fchlte, waren Sie nicht allein.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-recession-worries-picked-up-speed\">\ud83e\udded Rezessionssorgen nehmen Fahrt auf<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Im M\u00e4rz war das Rezessionsrisiko nicht mehr nur ein Hintergrundrauschen, sondern ein Aufmacher. Goldman Sachs bezifferte die Rezessionswahrscheinlichkeit in den USA auf 45 %. Das ist fast ein M\u00fcnzwurf.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Die Inflation blieb hoch, die Zentralbanken blieben vorsichtig, und das Wirtschaftswachstum wirkte zunehmend schleppend. Der globale Ausblick war nicht gerade ruhiges Fahrwasser.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-actually-worked\">\u2705 Was hat tats\u00e4chlich funktioniert?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Es gab nicht nur schlechte Nachrichten. Einige Sektoren und Strategien kamen mit dem L\u00e4rm besser zurecht als andere.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/vapa.ch\/de\/wenn-absolute-rendite-absolut-richtig-ist\/\"><strong>Absolute-Return-Strategien<\/strong> <\/a>erf\u00fcllten ihren Zweck \u2013 sie zielten auf stetige Ergebnisse, ohne Achterbahn zu fahren. In einem unruhigen Quartal war dieser Ansatz sehr sinnvoll.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Auf Sektorebene zeigten <strong>das Gesundheitswesen<\/strong> und <strong>Basiskonsumg\u00fcter<\/strong> relative St\u00e4rke. <a href=\"https:\/\/vapa.ch\/de\/goldlagerung\/\"><strong>Gold<\/strong> <\/a>tat, was Gold in nerv\u00f6sen M\u00e4rkten \u00fcblicherweise tut. Und etwas mehr <strong>Liquidit\u00e4t<\/strong>\u00a0zu halten? Sagen wir einfach: Das hat auch nicht geschadet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-to-watch-in-q2\">\ud83d\udd0e Worauf es im 2. Quartal zu achten gilt<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Das n\u00e4chste Quartal ist v\u00f6llig offen. Das k\u00f6nnte den Ausschlag geben:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Werden sich die Handelsgespr\u00e4che entspannen oder weiter eskalieren?<\/li>\n\n\n\n<li>Kann sich die Inflation endlich abk\u00fchlen?<\/li>\n\n\n\n<li>\u00c4ndern die Zentralbanken ihren Ton \u2013 oder bleiben sie bei ihrem Drehbuch?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Wenn sich die Lage stabilisiert, k\u00f6nnten sich Sektoren wie Technologie oder Infrastruktur erholen. Wenn nicht, gilt es, ausgewogen und selektiv zu bleiben.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-quarterly-review-q1-2025-summary\">\ud83d\udccc Quartalsr\u00fcckblick Q1-2025: Zusammenfassung<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Die Handelsspannungen meldeten sich eindrucksvoll zur\u00fcck<\/li>\n\n\n\n<li>Die M\u00e4rkte verzeichneten durchweg erh\u00f6hte Volatilit\u00e4t<\/li>\n\n\n\n<li>Die Rezessionsdebatte wurde von Woche zu Woche lauter<\/li>\n\n\n\n<li>Absolute-Return-Strategien sorgten f\u00fcr Stabilit\u00e4t<\/li>\n\n\n\n<li>Defensive Sektoren hielten sich gut<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Das war der Quartalsr\u00fcckblick Q1-2025 \u2013 abgehakt. Mal sehen, was das 2. Quartal bereith\u00e4lt.<\/p>","protected":false},"excerpt":{"rendered":"<p>Markets moved fast in Q1 \u2014 and not always in a straight line. For investors, it was a quarter full of plot twists. Trade shocks, rate uncertainty, and a few wild chart moves kept everyone on their toes. This quarterly review takes a quick look at what actually happened \u2014 and what might have worked [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_122096905244470929_329580246915571":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[94],"tags":[213,164,269,125,99,66,212],"class_list":["post-12894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-views","tag-absolute-return","tag-changing-landscape","tag-cross-border","tag-headline","tag-independent-wealth-management","tag-investment-performance","tag-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.8) - 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