Märkte kontra Marktpsychologie

Der heftige Kurseinbruch an der chinesischen Börse am 27. Februar hatte anscheinend negative Auswirkungen auf die großen Aktienbörsen auf der ganzen Welt. Als die Börse an jenem Dienstag um 07:00 Uhr WEZ schloss, war der Shanghai Composite Index an diesem Tag um 8,8 % gefallen – seit zehn Jahren der größte Sturz in China an einem Tag.

Es folgte umgehend eine Serie von Kursstürzen in anderen Ländern. In Singapur hatte der Straits Times Index bei Börsenschluss um 2,3 % nachgegeben. In Bombay war der Sensex 30 am selben Tag bei Börsenschluss um 1,3 % gefallen. In Moskau hatte der RTSI Index bei Ertönen der Schlussglocke 3,3 % verloren. In London war der FTSE 100 um 2,3 % gefallen, als der Handel an dem Tag schloss. In Sao Paolo verlor der Bovespa Index 6,6 %, und in New York hatte der Dow-Jones-Index um 3,3 % nachgegeben, als die beiden Börsen um 21:00 Uhr WEZ schlossen.

Diese Einbrüche waren bedeutsam – größere Stürze des Dow Jones an einem Tag hat es seit Januar 1950 z. B. nur 35 Mal gegeben, d. h. ungefähr einmal in zwanzig Monaten. Darüber hinaus waren all diese Börsen außerhalb Chinas im Vergleich zu ihrem Abschluss am 26. Februar um 4,3 % bis 7,8 % gefallen.

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