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Determine values for new custom field for TEM (here called "salutation_text_TEM") */ let salutation_text_TEM = ''; if (accountSalutation === "[\"female\"]") { salutation_text_TEM = "Sehr geehrte Frau"; } else if (accountSalutation === "[\"male\"]") { salutation_text_TEM = "Sehr geehrter Herr"; } /* Update custom field with new value */ fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.uid, /* replace correct form ID and custom field ID */ form_id: config.salutationForm.formName, custom_fields: JSON.stringify({ salutation_text_TEM: salutation_text_TEM }) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }).then(() => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM updated to ${salutation_text_TEM}`); } if (window.localStorage) { window.localStorage.setItem(`nzz-salutation`, data.uid); } }).catch(e => { if (window.nzzDebugPiano) { console.log(`##piano## 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window.tp.push(['setAid', config.aid]); if (config.dmpSiteId) { window.tp.push(['setCxenseSiteId', config.dmpSiteId]); } /* Is application in sandbox */ window.tp.push(['setSandbox', config.isSandbox === 'true']); /* Does application use Piano ID? */ if (config.isSandbox === 'false') { window.tp.push(['setPianoIdUrl', 'https://id-eu.piano.io']); window.tp.push(['setEndpoint', 'https://buy-eu.piano.io/api/v3']); } else { window.tp.push(['setPianoIdUrl', 'https://sandbox.piano.io']); window.tp.push(['setEndpoint', 'https://sandbox.tinypass.com/api/v3']); } window.tp.push(['setUseTinypassAccounts', false]); window.tp.push(['setUsePianoIdUserProvider', true]); /* gift article */ try { const urlParams = new URLSearchParams(window.location.search); if (urlParams.has('gift_created') && new Date(urlParams.get('gift_created') / 1 * 1000) > Date.now() - 7 * 24 * 60 * 60 * 1000) { window.tp.push(['setCustomVariable', 'shared_article_valid', 'true']); } } catch (e) { console.log(e); } /* Execute when the page is first loaded */ if (window.nzzDebugPiano) { console.log('%c set tags', 'background: yellow;color:black'); } tags.forEach(function (tag) { window.tp.push(tag); }); window.tp.push(['init', function () { if (window.nzzDebugPiano) { console.log('%c init piano', 'background: green;color:yellow'); } window.nzzPianoLoaded = true; window.tp.push(['addHandler', 'registrationSuccess', data => { if (window.nzzDebugPiano) { console.log('##piano## registrationSuccess:'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.user.sub, form_id: config.RSEvent.formName, custom_fields: JSON.stringify(config.RSEvent.params) }), { method: 'POST', headers: { 'Authorization': data.token, 'Content-Type': 'application/json; charset=UTF-8' } }); }]); window.tp.push(['addHandler', 'loginSuccess', callbackData => { if (window.nzzDebugPiano) { console.log('##piano## loginSuccess in init', callbackData.source); } window.tp.pianoId.loadExtendedUser({ extendedUserLoaded: function (data) { if (window.nzzDebugPiano) { console.log('##piano## extendedUserLoaded for salutation', data); } let salutationField = null; const customFieldValues = data.custom_field_values; if (customFieldValues && customFieldValues.length > 0) { for (const field of customFieldValues) { if (field.field_name === "account_salutation") { salutationField = field; } } } let forceReload = false; if (callbackData.source == "PIANOID") { forceReload = true; } pianoUpdateSalutation(config, data, salutationField, forceReload); }, formName: 'salutation_form' }); }]); window.tp.push(['addHandler', 'checkoutCustomEvent', event => { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent'); } const params = JSON.parse(event.params.params); if (event.eventName === 'purchaseCustom' && params.pmId == 'inbas') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: Invoice payments'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEvent.formName, custom_fields: JSON.stringify(config.CEEvent.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } else if (event.eventName == 'purchaseCustom' && params.pmId == 'inbaf') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: inbaf'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEventInbaf.formName, custom_fields: JSON.stringify(config.CEEventInbaf.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } }]); window.tp.push(['addHandler', 'checkoutClose', event => { if (event && event.state == "checkoutCompleted") { window.location.reload(); } if (window.nzzPianoCompleteUpgradePurchase && event && event.state == "close") { 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(window.nzzDebugPiano) { console.log(`##piano## customEvent triggered3: ${event.eventName}`); } }]); window.tp.push(['addHandler', 'showOffer', offerParams => { if (window.digitalData && window.digitalData.component && typeof window.digitalData.component.push == 'function') { window.digitalData.component.push({ componentInfo: { componentID: offerParams.offerId, componentName: offerParams.offerId }, category: { primaryCategory: 'offer', componentType: 'offer' }, attributes: { pianoComposerExperienceId: offerParams.experienceId } }); } if (window.digitalData && window.digitalData.event && typeof window.digitalData.event.push == 'function') { window.digitalData.event.push({ eventInfo: { eventName: 'Offer Interaction', eventAction: 'display', eventPosition: '', eventValue: '', eventNonInteractive: false, type: 'offer', componentID: offerParams.offerId, componentName: offerParams.offerId, timeStamp: new Date().toISOString() }, category: { primaryCategory: 'offer', subCategory1: '', 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teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Kumulierte jährliche Zu-/Abflüsse in bzw. aus europäischen Aktienfonds, in Mrd. $ (Quelle: Bank of America)" src="https://img.themarket.ch/2025/03/21/2a0f3ca6-574f-4bc2-8b1c-cd993f151586.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=4293,3220,x605,y0" loading="eager" srcset="https://img.themarket.ch/2025/03/21/2a0f3ca6-574f-4bc2-8b1c-cd993f151586.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4293,3220,x605,y0 240w, https://img.themarket.ch/2025/03/21/2a0f3ca6-574f-4bc2-8b1c-cd993f151586.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=4293,3220,x605,y0 480w" width="4293" height="3220" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/aktienmaerkte-europa-und-china-profitieren-von-trump-ld.13512" data-nzz-referrer="teaserLink" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--0">  <span class="teaser__title-name teaser__title-name--waiting">Europa und China profitieren von Trump</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die Zollpolitik des US-Präsidenten belastet die heimische Wirtschaft, Anlagekapital wird nach Europa und Asien umgeschichtet. Der chinesische Tech-Sektor meldet sich eindrücklich zurück.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli</span> <time datetime="2025-03-21T16:32:18.393Z" class="metainfo__item metainfo__item--date">21.03.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_13440" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="2" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/interview/joerg-wuttke-china-blickt-mit-grossem-vergnuegen-auf-amerika-ld.13440" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="«Friedrich Merz hat absolut die richtigen Schlüsse gezogen: Europa zuerst.»: Jörg Wuttke. (Bild: zvg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/07/04/7fa49e88-3f06-4128-a5d4-7cfa5e6bedb7.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2831,2123,x752,y754 240w, https://img.themarket.ch/2024/07/04/7fa49e88-3f06-4128-a5d4-7cfa5e6bedb7.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=2831,2123,x752,y754 480w" width="2831" height="2123" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/interview/joerg-wuttke-china-blickt-mit-grossem-vergnuegen-auf-amerika-ld.13440" data-nzz-referrer="teaserLink" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Interview </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--1">  <span class="teaser__title-name teaser__title-name--waiting">«Amerika im Selbstzerstörungsmodus wird in China mit grossem Vergnügen beobachtet»</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Jörg Wuttke, Partner der Beratungsagentur DGA und früherer Präsident der EU-Handelskammer in China, spricht über die Handelskriege von Donald Trump, die Resultate des Nationalen Volkskongresses in Peking sowie die Rolle, die Europa künftig einnehmen kann.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli</span> <time datetime="2025-03-14T09:28:53.544Z" class="metainfo__item metainfo__item--date">14.03.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_13401" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="3" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/dank-trump-an-den-globalen-aktienmaerkten-entstehen-neue-narrative-ld.13401" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="ISM-Einkaufsmanagerindex des Industriesektors: Subindizes «Neue Bestellungen» (oben) und «Bezahlte Preise» (unten). 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Der politische Sinneswandel in Europa und in China hat das Potenzial, einen längerfristigen Trend zu starten – Donald Trump sei Dank.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli</span> <time datetime="2025-03-07T14:27:34.843Z" class="metainfo__item metainfo__item--date">07.03.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_13323" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="4" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/trump-und-maga-wie-positionieren-sich-investoren-am-besten-ld.13323" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Kursperformance der Aktien im S&amp;P 500 über die vergangene Handelswoche. Die Grösse der Kachel entspricht dem Gewicht der jeweiligen Aktie im Index. (Quelle: Atlanta Fed)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2025/02/28/83a83688-71aa-472e-96b5-a5fd6975c0c9.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2882,2162,x529,y824 240w, https://img.themarket.ch/2025/02/28/83a83688-71aa-472e-96b5-a5fd6975c0c9.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=2882,2162,x529,y824 480w" width="2882" height="2162" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/trump-und-maga-wie-positionieren-sich-investoren-am-besten-ld.13323" data-nzz-referrer="teaserLink" ordinal-number="4" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--3">  <span class="teaser__title-name teaser__title-name--waiting">Wie sich Investoren am besten für die MAGA-Welt positionieren</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">«Make America Great Again» lautet das Leitmotiv von US-Präsident Donald Trump. Exponenten in seinem Kabinett träumen von einer grundlegenden Neuordnung der Weltwirtschaft. Was heisst das für Investoren?</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2025-02-28T16:32:26.230Z" class="metainfo__item metainfo__item--date">28.02.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_13187" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="5" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/stephen-miran-scott-bessent-und-der-plan-zur-neuordnung-der-weltwirtschaft-ld.13187" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Anzeige von Donald Trump in der «New York Times», 2. September 1987. (Quelle: NYT)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2025/02/14/c8d9e54a-f5e4-4162-8cb9-eb77586f2858.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5260,3945,x329,y0 240w, https://img.themarket.ch/2025/02/14/c8d9e54a-f5e4-4162-8cb9-eb77586f2858.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=5260,3945,x329,y0 480w" width="5260" height="3945" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/stephen-miran-scott-bessent-und-der-plan-zur-neuordnung-der-weltwirtschaft-ld.13187" data-nzz-referrer="teaserLink" ordinal-number="5" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--4">  <span class="teaser__title-name teaser__title-name--waiting">Der grosse Plan zur Neuordnung der Weltwirtschaft</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Donald Trump mag erratisch sein, die finanzpolitischen Schwergewichte an seiner Seite sind es nicht: Möglicherweise wird die US-Regierung eine fundamentale Reform des globalen Handels-, Finanz- und Sicherheitssystems vorantreiben.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2025-02-14T15:39:51.533Z" class="metainfo__item metainfo__item--date">14.02.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_13133" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="6" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/fuenf-bullenmaerkte-abseits-von-big-tech-ld.13133" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Scott Bessent, Schatzsekretär der USA. (Bild: Bloomberg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2025/02/07/02b03012-5a0b-4af8-8a41-0510483adf2b.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=994,746,x645,y1512 240w, https://img.themarket.ch/2025/02/07/02b03012-5a0b-4af8-8a41-0510483adf2b.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=994,746,x645,y1512 480w" width="994" height="746" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/fuenf-bullenmaerkte-abseits-von-big-tech-ld.13133" data-nzz-referrer="teaserLink" ordinal-number="6" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--5">  <span class="teaser__title-name teaser__title-name--waiting">Fünf Bullenmärkte abseits von Big Tech</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die «Magnificent Seven» des amerikanischen Tech-Sektors verlieren an Glanz, andere Segmente an den Börsen zeigen mehr Dynamik. Plus: Lernen, mit dem Lärm von Donald Trump umzugehen – und der «Good Cop» von Washington.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2025-02-07T16:03:16.825Z" class="metainfo__item metainfo__item--date">07.02.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_13087" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="7" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/kampf-der-narrative-an-den-aktienmaerkten-ld.13087" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Die jeweils zehn weltweit grössten Unternehmen nach Marktkapitalisierung zum Ende/Beginn jeder Dekade. (Quelle: Gavekal)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2025/01/31/c016441f-70f5-43b3-af8c-d3008b973fea.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5184,3888,x0,y0 240w, https://img.themarket.ch/2025/01/31/c016441f-70f5-43b3-af8c-d3008b973fea.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=5184,3888,x0,y0 480w" width="5184" height="3888" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/kampf-der-narrative-an-den-aktienmaerkten-ld.13087" data-nzz-referrer="teaserLink" ordinal-number="7" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--6">  <span class="teaser__title-name teaser__title-name--waiting">Kampf der Narrative an den Aktienmärkten</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die «DeepSeek-Episode» hat Zweifel an der Unbesiegbarkeit des amerikanischen Technologiesektors entstehen lassen. Wie funktionieren Narrative an den Märkten, und was ist aus ihnen zu lernen?</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2025-01-31T16:26:56.736Z" class="metainfo__item metainfo__item--date">31.01.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_13015" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="8" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/wie-donald-trump-die-finanzmaerkte-und-die-weltwirtschaft-praegen-wird-ld.13015" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Video-Ansprache von Donald Trump am WEF in Davos, 23. Januar 2025. (Quelle: Bloomberg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2025/01/24/5bc7c76d-a706-4103-abe2-2a8c20c2ceb6.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5729,4297,x1232,y655 240w, https://img.themarket.ch/2025/01/24/5bc7c76d-a706-4103-abe2-2a8c20c2ceb6.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=5729,4297,x1232,y655 480w" width="5729" height="4297" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/wie-donald-trump-die-finanzmaerkte-und-die-weltwirtschaft-praegen-wird-ld.13015" data-nzz-referrer="teaserLink" ordinal-number="8" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--7">  <span class="teaser__title-name teaser__title-name--waiting">Wie Donald Trump die Weltwirtschaft und die Finanzmärkte prägen wird</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die Amtszeit des 47. Präsidenten der USA hat begonnen. Für die Finanzmärkte und die Weltwirtschaft beginnt eine neue Ära. «The Big Picture» versucht eine Annäherung aus drei Perspektiven.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2025-01-24T17:20:34.229Z" class="metainfo__item metainfo__item--date">24.01.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12935" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="9" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/das-jahr-der-entscheidung-fuer-china-ld.12935" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Einkommen der privaten Haushalte in % des BIP. (Quelle: Goldman Sachs)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2025/01/17/2a97b74f-d2b9-40fe-8860-aa2de456b7f7.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3584,2688,x255,y336 240w, https://img.themarket.ch/2025/01/17/2a97b74f-d2b9-40fe-8860-aa2de456b7f7.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=3584,2688,x255,y336 480w" width="3584" height="2688" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/das-jahr-der-entscheidung-fuer-china-ld.12935" data-nzz-referrer="teaserLink" ordinal-number="9" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--8">  <span class="teaser__title-name teaser__title-name--waiting">Das Jahr der Schlange wird zum Jahr der Entscheidung für China</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die bisherigen von der Regierung angekündigten Massnahmen reichen nicht aus, um den Vertrauensschwund in Chinas Wirtschaft zu beheben. Deutlich grössere Schritte zur Stützung des Konsums sind nötig. Investoren sind mit einer binären Situation konfrontiert.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2025-01-17T15:45:45.506Z" class="metainfo__item metainfo__item--date">17.01.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12879" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="10" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/zinsanstieg-wird-zur-belastung-fuer-die-boersen-ld.12879" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Entwicklung der Rendite zehnjähriger Treasury Notes vor und nach der ersten Leitzinssenkung der US-Notenbank. Grün: gegenwärtiger Zyklus. Blau: Durchschnitt der letzten sechs Zyklen seit 1987. (Quelle: Apollo)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2025/01/10/f35d292b-c1e8-4adb-b0b1-936e644dbb3c.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2039,1530,x252,y1323 240w, https://img.themarket.ch/2025/01/10/f35d292b-c1e8-4adb-b0b1-936e644dbb3c.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=2039,1530,x252,y1323 480w" width="2039" height="1530" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/zinsanstieg-wird-zur-belastung-fuer-die-boersen-ld.12879" data-nzz-referrer="teaserLink" ordinal-number="10" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--9">  <span class="teaser__title-name teaser__title-name--waiting">Anstieg der Zinsen wird zur Belastung für die Aktienmärkte</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die Renditen von US-Staatsanleihen steigen auf den höchsten Stand seit mehr als zwei Jahren und ziehen den Dollar nach oben. Die Aktienmärkte reagieren mit Abgaben. Schutz vor Turbulenzen dürfte der Energiesektor bieten.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2025-01-10T15:59:13.669Z" class="metainfo__item metainfo__item--date">10.01.2025</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12765" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="11" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/fuenf-anlagethesen-fuer-2025-ld.12765" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Wert des Welthandels pro Monat, in Mrd. $, in den Jahren 1929 bis 1933. (Quelle: Alpine Macro)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/12/20/37adda6e-a8c9-457e-870d-c97aca1de6a0.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4032,3024,x0,y0 240w, https://img.themarket.ch/2024/12/20/37adda6e-a8c9-457e-870d-c97aca1de6a0.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=4032,3024,x0,y0 480w" width="4032" height="3024" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/fuenf-anlagethesen-fuer-2025-ld.12765" data-nzz-referrer="teaserLink" ordinal-number="11" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--10">  <span class="teaser__title-name teaser__title-name--waiting">Fünf Anlagethesen für 2025</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Donald Trump zieht am 20. Januar ins Weisse Haus ein, doch schon jetzt bewegt er die Finanzmärkte jeden Tag. The Market präsentiert fünf Szenarien, die das Anlagejahr 2025 prägen könnten.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-12-20T16:19:11.829Z" class="metainfo__item metainfo__item--date">20.12.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12719" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="12" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/interview/russell-napier-wir-bewegen-uns-auf-ein-system-des-nationalen-kapitalismus-zu-ld.12719" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="«Historisch gesehen brechen Weltfinanzordnungen alle dreissig oder vierzig Jahre zusammen. Die derzeitige, an die wir uns seit 1994 gewöhnt haben, implodiert vor unseren Augen»: Russell Napier. (Bild: zvg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2022/10/12/2e582822-a96c-4a39-ab13-db9ab93472ec.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3101,2326,x0,y775 240w, https://img.themarket.ch/2022/10/12/2e582822-a96c-4a39-ab13-db9ab93472ec.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=3101,2326,x0,y775 480w" width="3101" height="2326" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/interview/russell-napier-wir-bewegen-uns-auf-ein-system-des-nationalen-kapitalismus-zu-ld.12719" data-nzz-referrer="teaserLink" ordinal-number="12" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Interview </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--11">  <span class="teaser__title-name teaser__title-name--waiting">«Wir bewegen uns auf ein System des nationalen Kapitalismus zu»</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Der Marktstratege und Historiker Russell Napier skizziert eine Zukunft, in der Regierungen mandatieren, wo Investoren ihr Kapital einsetzen sollen. Das Weltfinanzsystem, das seit 1994 Bestand hatte, steht vor radikalen Veränderungen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-12-13T13:02:20.383Z" class="metainfo__item metainfo__item--date">13.12.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12680" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="13" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/boersen-amerikas-aktienmarkt-spielt-in-einer-eigenen-liga-ld.12680" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Relative Performance von US-Aktien vs. Aktien aus dem Rest der Welt (Quelle: Bank of America)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/12/06/5b6a4428-2509-4736-9b2f-d91f7c09e043.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2645,1984,x165,y0 240w, https://img.themarket.ch/2024/12/06/5b6a4428-2509-4736-9b2f-d91f7c09e043.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=2645,1984,x165,y0 480w" width="2645" height="1984" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/boersen-amerikas-aktienmarkt-spielt-in-einer-eigenen-liga-ld.12680" data-nzz-referrer="teaserLink" ordinal-number="13" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--12">  <span class="teaser__title-name teaser__title-name--waiting">Amerika spielt in einer eigenen Liga</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Der US-Aktienmarkt hat in den eineinhalb Jahrzehnten seit der globalen Finanzkrise den Rest der Welt um Längen geschlagen. Die Diskrepanz hat historische Extremwerte erreicht. Kann das von Dauer sein?</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-12-06T15:26:47.758Z" class="metainfo__item metainfo__item--date">06.12.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12608" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="14" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/donald-trump-wird-das-weltwirtschaftssystem-fundamental-umgebaut-ld.12608" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Verteilung der jährlichen Performance des S&amp;P seit 1927. *2024 per 28. November (Quelle: Bloomberg, Grafik: themarket.ch, MD)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/29/f26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4459,3344,x279,y0 240w, https://img.themarket.ch/2024/11/29/f26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=4459,3344,x279,y0 480w" width="4459" height="3344" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/donald-trump-wird-das-weltwirtschaftssystem-fundamental-umgebaut-ld.12608" data-nzz-referrer="teaserLink" ordinal-number="14" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--13">  <span class="teaser__title-name teaser__title-name--waiting">Das Weltwirtschaftssystem steht vor einem fundamentalen Richtungsentscheid</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Präsident Trump wird Importzölle intensiv als Instrument nutzen. Es ist jedoch noch offen, welchem Zweck sie ultimativ dienen sollen. Zudem: Der Aktienmarkt im historischen Spiegel von hundert Jahren.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-11-29T15:25:31.636Z" class="metainfo__item metainfo__item--date">29.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12567" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="15" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/die-aktienmaerkte-verarbeiten-den-laerm-von-trump-ld.12567" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Wahrscheinlichkeit für das Amt des Schatzsekretärs in der Trump-Regierung (Quelle: Polymarket)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/22/cdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3555,2666,x223,y0 240w, https://img.themarket.ch/2024/11/22/cdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=3555,2666,x223,y0 480w" width="3555" height="2666" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/die-aktienmaerkte-verarbeiten-den-laerm-von-trump-ld.12567" data-nzz-referrer="teaserLink" ordinal-number="15" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--14">  <span class="teaser__title-name teaser__title-name--waiting">Die Finanzmärkte verarbeiten den Lärm von Trump</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die Personalentscheide und Vorschläge des künftigen Präsidenten halten die Märkte in Atem. Doch fundamentale Aspekte der Finanzmärkte ändern sich nicht – es lohnt sich für Investoren, sich diese vor Augen zu führen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-11-23T08:54:40.029Z" class="metainfo__item metainfo__item--date">23.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12531" data-nzz-tid="teaser" data-nzz-cid="doc-1d88pb59g0" data-nzz-cp="1" data-nzz-ct="The Big Picture" data-nzz-pic="16" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/interview/marko-papic-der-bondmarkt-wird-donald-trump-disziplinieren-ld.12531" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="«Die Wähler haben Trump nicht gewählt, damit er einen massiven Handelskrieg beginnt – vor allem, weil Zölle bloss das Preisniveau erhöhen würden»: Marko Papic. (Bild: Bloomberg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/07/14/0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3036,2277,x401,y51 240w, https://img.themarket.ch/2023/07/14/0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=3036,2277,x401,y51 480w" width="3036" height="2277" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/interview/marko-papic-der-bondmarkt-wird-donald-trump-disziplinieren-ld.12531" data-nzz-referrer="teaserLink" ordinal-number="16" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Interview </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--15">  <span class="teaser__title-name teaser__title-name--waiting">«Der Bondmarkt wird Donald Trump disziplinieren»</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Marko Papic, Chefstratege von BCA Research, warnt, dass steigende Zinsen die Rally an den Börsen abwürgen könnten. Präsident Trump werde sich auf seine Mandate besinnen, und ein Handelskrieg sei kein zwingendes Szenario.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-11-15T13:17:07.830Z" class="metainfo__item metainfo__item--date">15.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article> </div><div data-nzz-tid="widget-1of3" data-source-element-widget="Widget-1/3-Breite" id="id-doc-1gf12cncl0" content="" pagetype="Page" componenttype="widget--1of3-flex" class="widget--1of3"> <div class="first">  <div class="widget__area"><div class="widget widget--iframe"></div></div></div><div>  <div class="widget__area"><div class="widget widget--iframe"></div></div></div><div>  <div class="widget__area"><div class="widget widget--iframe"></div></div></div></div></div></div></section></div><div id="contdoc-1d9u94k000-67" never="" class="elementwrap"><div id="" content="" pagetype="Page" componenttype="billboard" is-new-line-child="true" class="pageelement pageelement--advertisement"><div class="resor"><div id="adnz_billboard_2" data-hydrated="0" class="resor__item"></div></div></div></div> </section></div></div> <div id="footer" class="footer"> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright © The Market Media AG. 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Da Sie der Verwendung Ihrer Daten für diesen Zweck widersprochen haben, können wir Ihnen diese Funktion nicht anbieten."},{name:b,divider:d,url:b}],errorPage:{image404:"https:\u002F\u002Fi.giphy.com\u002Fmedia\u002F8ymvg6pl1Lzy0\u002Fgiphy.gif",defaultImage:b,mailto:"leserservice@lzmedien.ch",contact:"https:\u002F\u002Fwww.nzz.ch\u002Fkontakt",message404:"Leider ist die gewünschte Seite unter dieser Adresse nicht auffindbar.\n Bitte versuchen Sie, sie über unsere Suchfunktion zu finden."},chartbeat:{uid:8912,domain:p},baseHeadAssets:[{rel:Y,crossorigin:aG,type:aH,as:aI,href:"https:\u002F\u002Fassets.static-nzz.ch\u002Fjudi\u002F9.20.3\u002Fstatic\u002Ffonts\u002Fgt-cinetype-regular.woff2"},{rel:Y,crossorigin:aG,type:aH,as:aI,href:"https:\u002F\u002Fassets.static-nzz.ch\u002Fjudi\u002F9.20.3\u002Fstatic\u002Ffonts\u002Fibmplex-regular.woff2"},{rel:Y,crossorigin:aG,type:aH,as:aI,href:"https:\u002F\u002Fassets.static-nzz.ch\u002Fjudi\u002F9.20.3\u002Fstatic\u002Ffonts\u002Fgt-sectra-book.woff2"},{rel:Y,crossorigin:aG,type:aH,as:aI,href:"https:\u002F\u002Fassets.static-nzz.ch\u002Fjudi\u002F9.20.3\u002Fstatic\u002Ffonts\u002Fgt-sectra-book-italic.woff2"},{rel:Y,type:"text\u002Fjavascript",as:"script",href:"https:\u002F\u002Fcdn.piano.io\u002Fapi\u002Ftinypass.min.js"}],facebookDomainVerification:"2jvw1zi1d19qjkzgh5sbvyszxosheg",_app:{basePath:bi,assetsPath:bi,cdnURL:"https:\u002F\u002Fassets.static-nzz.ch\u002Fjudi\u002F13.5.3\u002Fapp\u002F"}}}}(false,"","The Big Picture",true,1,2048,1024,620,320,0,"\u002Fthe-big-picture",4,"false","doc-1d88pb59g0","true","themarket.ch","judi","web",6,"snackbar","de-CH","image\u002Fjpeg","regular","Mark Dittli (md)","16:9",1.77778,"1:1","4:3",1.33333,"fastly","md","892363","Interview","Mark Dittli ✉️","\u002Finterview","Quelle: Apollo",null,3024,4032,"Quelle: Bloomberg, Grafik: themarket.ch, MD","themarket","2025-01-30T08:39:44.603Z","country-switch","mobnavOnly","Quelle: Jefferies","Bild: Bloomberg",2562,3101,void 0,"nzzas","preload",16,3220,"Quelle: Bank of America","Bild: zvg",5115,3945,3888,"Quelle: Gavekal",1984,3344,"Verteilung der jährlichen Performance des S&P seit 1927.\u003Cbr\u003E*2024 per 28. November",2666,"The Big Picture: Wöchentliche Einblicke mit Mark Dittli","Freitags beleuchtet Geschäftsführer und Marktspezialist Mark Dittli die Grosswetterlage der Finanzmärkte und wichtige Themen, die Investoren beachten sollten.","section","The Market","main","Empfehlungen","\u002Fempfehlungen","Unternehmen","\u002Funternehmen","Strategie","\u002Fstrategie","Meinung","\u002Fmeinung","Mr Market","\u002Fmister-market","English","\u002Fenglish","\u002Fagb","Impressum","\u002Fimpressum","https:\u002F\u002Fabo.themarket.ch\u002Fkampagne\u002F?lp=19003844","21","48","anonymous","font\u002Fwoff2","font","Mark Dittli","Quelle: Atlanta Fed","2025-03-21T16:32:18.393Z",71,"Quelle: NYT","Anzeige von Donald Trump in der «New York Times», 2. September 1987.","Fünf Bullenmärkte abseits von Big Tech",2268,5184,"Kampf der Narrative an den Aktienmärkten","2025-01-31T16:26:56.736Z",5438,"2025-01-24T17:20:34.229Z","Quelle: Goldman Sachs","Quelle: Alpine Macro","2025-01-17T15:45:45.506Z","2025-01-10T15:59:13.669Z","2024-12-20T16:19:11.829Z","judi.idms-widget","idms","idms-widget",67,"category","https:\u002F\u002Fthemarket.ch","Page","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","Die Zollpolitik des US-Präsidenten belastet die heimische Wirtschaft, Anlagekapital wird nach Europa und Asien umgeschichtet. Der chinesische Tech-Sektor meldet sich eindrücklich zurück.","Europa und China profitieren von Trump",5504,"https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F03\u002F21\u002F2a0f3ca6-574f-4bc2-8b1c-cd993f151586.jpeg?crop=5504,3096,x0,y62&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F03\u002F21\u002F2a0f3ca6-574f-4bc2-8b1c-cd993f151586.jpeg?crop=3220,3220,x1142,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F03\u002F21\u002F2a0f3ca6-574f-4bc2-8b1c-cd993f151586.jpeg?crop=4293,3220,x605,y0&width=1024&quality=75&auto=webp",69,"Kumulierte jährliche Zu-\u002FAbflüsse in bzw. aus europäischen Aktienfonds, in Mrd. $","«Amerika im Selbstzerstörungsmodus wird in China mit grossem Vergnügen beobachtet»","Jörg Wuttke, Partner der Beratungsagentur DGA und früherer Präsident der EU-Handelskammer in China, spricht über die Handelskriege von Donald Trump, die Resultate des Nationalen Volkskongresses in Peking sowie die Rolle, die Europa künftig einnehmen kann.",3583,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F07\u002F04\u002F7fa49e88-3f06-4128-a5d4-7cfa5e6bedb7.jpeg?crop=3583,2015,x0,y830&width=1024&quality=75&auto=webp",2237,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F07\u002F04\u002F7fa49e88-3f06-4128-a5d4-7cfa5e6bedb7.jpeg?crop=2237,2237,x1170,y669&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F07\u002F04\u002F7fa49e88-3f06-4128-a5d4-7cfa5e6bedb7.jpeg?crop=2831,2123,x752,y754&width=1024&quality=75&auto=webp","«Friedrich Merz hat absolut die richtigen Schlüsse gezogen: Europa zuerst.»: Jörg Wuttke.","2025-03-14T09:28:53.544Z",2,"Das Argument der Einzigartigkeit Amerikas rückt in den Hintergrund. Der politische Sinneswandel in Europa und in China hat das Potenzial, einen längerfristigen Trend zu starten – Donald Trump sei Dank.","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F03\u002F07\u002Fe60c1d2e-49c6-45fb-aa36-621a85bc224e.jpeg?width=1024&quality=75&auto=webp",7669,"https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F03\u002F07\u002Fe60c1d2e-49c6-45fb-aa36-621a85bc224e.jpeg?crop=7669,4314,x0,y623&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F03\u002F07\u002Fe60c1d2e-49c6-45fb-aa36-621a85bc224e.jpeg?crop=5115,5115,x2287,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F03\u002F07\u002Fe60c1d2e-49c6-45fb-aa36-621a85bc224e.jpeg?crop=6820,5115,x425,y0&width=1024&quality=75&auto=webp","An den globalen Aktienmärkten entstehen neue Narrative","ISM-Einkaufsmanagerindex des Industriesektors: Subindizes «Neue Bestellungen» (oben) und «Bezahlte Preise» (unten).","2025-03-07T14:27:34.843Z",3,"«Make America Great Again» lautet das Leitmotiv von US-Präsident Donald Trump. Exponenten in seinem Kabinett träumen von einer grundlegenden Neuordnung der Weltwirtschaft. Was heisst das für Investoren?","Wie sich Investoren am besten für die MAGA-Welt positionieren",3648,"https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F28\u002F83a83688-71aa-472e-96b5-a5fd6975c0c9.jpeg?crop=3648,2052,x0,y802&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F28\u002F83a83688-71aa-472e-96b5-a5fd6975c0c9.jpeg?crop=2562,2562,x619,y702&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F28\u002F83a83688-71aa-472e-96b5-a5fd6975c0c9.jpeg?crop=2882,2162,x529,y824&width=1024&quality=75&auto=webp","Quelle: finviz","Kursperformance der Aktien im S&P 500 über die vergangene Handelswoche. Die Grösse der Kachel entspricht dem Gewicht der jeweiligen Aktie im Index.","2025-02-28T16:32:26.230Z","Donald Trump mag erratisch sein, die finanzpolitischen Schwergewichte an seiner Seite sind es nicht: Möglicherweise wird die US-Regierung eine fundamentale Reform des globalen Handels-, Finanz- und Sicherheitssystems vorantreiben.","Der grosse Plan zur Neuordnung der Weltwirtschaft",5918,"https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F14\u002Fc8d9e54a-f5e4-4162-8cb9-eb77586f2858.jpeg?crop=5918,3329,x0,y308&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F14\u002Fc8d9e54a-f5e4-4162-8cb9-eb77586f2858.jpeg?crop=3945,3945,x987,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F14\u002Fc8d9e54a-f5e4-4162-8cb9-eb77586f2858.jpeg?crop=5260,3945,x329,y0&width=1024&quality=75&auto=webp","2025-02-14T15:39:51.533Z",5,"Die «Magnificent Seven» des amerikanischen Tech-Sektors verlieren an Glanz, andere Segmente an den Börsen zeigen mehr Dynamik. Plus: Lernen, mit dem Lärm von Donald Trump umzugehen – und der «Good Cop» von Washington.","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F07\u002F02b03012-5a0b-4af8-8a41-0510483adf2b.jpeg?crop=1593,896,x338,y1441&width=1024&quality=75&auto=webp",1119,"https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F07\u002F02b03012-5a0b-4af8-8a41-0510483adf2b.jpeg?crop=1119,1119,x574,y1219&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F02\u002F07\u002F02b03012-5a0b-4af8-8a41-0510483adf2b.jpeg?crop=994,746,x645,y1512&width=1024&quality=75&auto=webp","Scott Bessent, Schatzsekretär der USA.","2025-02-07T16:03:16.825Z","Die «DeepSeek-Episode» hat Zweifel an der Unbesiegbarkeit des amerikanischen Technologiesektors entstehen lassen. Wie funktionieren Narrative an den Märkten, und was ist aus ihnen zu lernen?","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F31\u002Fc016441f-70f5-43b3-af8c-d3008b973fea.jpeg?crop=5184,2916,x0,y486&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F31\u002Fc016441f-70f5-43b3-af8c-d3008b973fea.jpeg?crop=3888,3888,x648,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F31\u002Fc016441f-70f5-43b3-af8c-d3008b973fea.jpeg?crop=5184,3888,x0,y0&width=1024&quality=75&auto=webp","Die jeweils zehn weltweit grössten Unternehmen nach Marktkapitalisierung zum Ende\u002FBeginn jeder Dekade.","Quelle: Deutsche Bank",7,"Die Amtszeit des 47. Präsidenten der USA hat begonnen. Für die Finanzmärkte und die Weltwirtschaft beginnt eine neue Ära. «The Big Picture» versucht eine Annäherung aus drei Perspektiven.","Wie Donald Trump die Weltwirtschaft und die Finanzmärkte prägen wird",8153,"https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F24\u002F5bc7c76d-a706-4103-abe2-2a8c20c2ceb6.jpeg?crop=8153,4586,x0,y375&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F24\u002F5bc7c76d-a706-4103-abe2-2a8c20c2ceb6.jpeg?crop=5438,5438,x1280,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F24\u002F5bc7c76d-a706-4103-abe2-2a8c20c2ceb6.jpeg?crop=5729,4297,x1232,y655&width=1024&quality=75&auto=webp","Quelle: Bloomberg","Video-Ansprache von Donald Trump am WEF in Davos, 23. Januar 2025.",8,"Die bisherigen von der Regierung angekündigten Massnahmen reichen nicht aus, um den Vertrauensschwund in Chinas Wirtschaft zu beheben. Deutlich grössere Schritte zur Stützung des Konsums sind nötig. Investoren sind mit einer binären Situation konfrontiert.","Das Jahr der Schlange wird zum Jahr der Entscheidung für China","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F17\u002F2a97b74f-d2b9-40fe-8860-aa2de456b7f7.jpeg?crop=4032,2268,x0,y564&width=1024&quality=75&auto=webp",504,"https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F17\u002F2a97b74f-d2b9-40fe-8860-aa2de456b7f7.jpeg?crop=3024,3024,x504,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F17\u002F2a97b74f-d2b9-40fe-8860-aa2de456b7f7.jpeg?crop=3584,2688,x255,y336&width=1024&quality=75&auto=webp","Quelle: Rhodium Group","Einkommen der privaten Haushalte in % des BIP.",9,"Die Renditen von US-Staatsanleihen steigen auf den höchsten Stand seit mehr als zwei Jahren und ziehen den Dollar nach oben. Die Aktienmärkte reagieren mit Abgaben. Schutz vor Turbulenzen dürfte der Energiesektor bieten.","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F10\u002Ff35d292b-c1e8-4adb-b0b1-936e644dbb3c.jpeg?crop=2294,1291,x110,y1407&width=1024&quality=75&auto=webp",1813,"https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F10\u002Ff35d292b-c1e8-4adb-b0b1-936e644dbb3c.jpeg?crop=1813,1813,x374,y1134&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2025\u002F01\u002F10\u002Ff35d292b-c1e8-4adb-b0b1-936e644dbb3c.jpeg?crop=2039,1530,x252,y1323&width=1024&quality=75&auto=webp","Anstieg der Zinsen wird zur Belastung für die Aktienmärkte","Entwicklung der Rendite zehnjähriger Treasury Notes vor und nach der ersten Leitzinssenkung der US-Notenbank. Grün: gegenwärtiger Zyklus. Blau: Durchschnitt der letzten sechs Zyklen seit 1987.",10,"Donald Trump zieht am 20. Januar ins Weisse Haus ein, doch schon jetzt bewegt er die Finanzmärkte jeden Tag. The Market präsentiert fünf Szenarien, die das Anlagejahr 2025 prägen könnten.","Fünf Anlagethesen für 2025","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F12\u002F20\u002F37adda6e-a8c9-457e-870d-c97aca1de6a0.jpeg?crop=4032,2268,x0,y378&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F12\u002F20\u002F37adda6e-a8c9-457e-870d-c97aca1de6a0.jpeg?crop=3024,3024,x504,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F12\u002F20\u002F37adda6e-a8c9-457e-870d-c97aca1de6a0.jpeg?crop=4032,3024,x0,y0&width=1024&quality=75&auto=webp","Wert des Welthandels pro Monat, in Mrd. $, in den Jahren 1929 bis 1933.",11,"«Wir bewegen uns auf ein System des nationalen Kapitalismus zu»","Der Marktstratege und Historiker Russell Napier skizziert eine Zukunft, in der Regierungen mandatieren, wo Investoren ihr Kapital einsetzen sollen. Das Weltfinanzsystem, das seit 1994 Bestand hatte, steht vor radikalen Veränderungen.","https:\u002F\u002Fimg.themarket.ch\u002F2022\u002F10\u002F12\u002F2e582822-a96c-4a39-ab13-db9ab93472ec.jpeg?crop=3101,1744,x0,y1066&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2022\u002F10\u002F12\u002F2e582822-a96c-4a39-ab13-db9ab93472ec.jpeg?crop=3101,3101,x0,y388&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2022\u002F10\u002F12\u002F2e582822-a96c-4a39-ab13-db9ab93472ec.jpeg?crop=3101,2326,x0,y775&width=1024&quality=75&auto=webp","«Historisch gesehen brechen Weltfinanzordnungen alle dreissig oder vierzig Jahre zusammen. Die derzeitige, an die wir uns seit 1994 gewöhnt haben, implodiert vor unseren Augen»: Russell Napier.","2024-12-13T13:02:20.383Z",12,"Der US-Aktienmarkt hat in den eineinhalb Jahrzehnten seit der globalen Finanzkrise den Rest der Welt um Längen geschlagen. Die Diskrepanz hat historische Extremwerte erreicht. Kann das von Dauer sein?","Amerika spielt in einer eigenen Liga",2976,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F12\u002F06\u002F5b6a4428-2509-4736-9b2f-d91f7c09e043.jpeg?crop=2976,1674,x0,y155&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F12\u002F06\u002F5b6a4428-2509-4736-9b2f-d91f7c09e043.jpeg?crop=1984,1984,x496,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F12\u002F06\u002F5b6a4428-2509-4736-9b2f-d91f7c09e043.jpeg?crop=2645,1984,x165,y0&width=1024&quality=75&auto=webp","Relative Performance von US-Aktien vs. Aktien aus dem Rest der Welt","2024-12-06T15:26:47.758Z",13,"Präsident Trump wird Importzölle intensiv als Instrument nutzen. Es ist jedoch noch offen, welchem Zweck sie ultimativ dienen sollen. Zudem: Der Aktienmarkt im historischen Spiegel von hundert Jahren.","Das Weltwirtschaftssystem steht vor einem fundamentalen Richtungsentscheid",5016,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F29\u002Ff26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?crop=5016,2821,x0,y261&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F29\u002Ff26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?crop=3344,3344,x836,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F29\u002Ff26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?crop=4459,3344,x279,y0&width=1024&quality=75&auto=webp","2024-11-29T15:25:31.636Z",14,"Die Personalentscheide und Vorschläge des künftigen Präsidenten halten die Märkte in Atem. Doch fundamentale Aspekte der Finanzmärkte ändern sich nicht – es lohnt sich für Investoren, sich diese vor Augen zu führen.",4000,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F22\u002Fcdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?crop=4000,2250,x0,y208&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F22\u002Fcdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?crop=2666,2666,x282,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F22\u002Fcdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?crop=3555,2666,x223,y0&width=1024&quality=75&auto=webp","Die Finanzmärkte verarbeiten den Lärm von Trump","Quelle: Polymarket","Wahrscheinlichkeit für das Amt des Schatzsekretärs in der Trump-Regierung","2024-11-23T08:54:40.029Z",15,"«Der Bondmarkt wird Donald Trump disziplinieren»","Marko Papic, Chefstratege von BCA Research, warnt, dass steigende Zinsen die Rally an den Börsen abwürgen könnten. Präsident Trump werde sich auf seine Mandate besinnen, und ein Handelskrieg sei kein zwingendes Szenario.",3845,"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F07\u002F14\u002F0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?crop=3845,2163,x0,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F07\u002F14\u002F0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?crop=2562,2562,x729,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F07\u002F14\u002F0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?crop=3036,2277,x401,y51&width=1024&quality=75&auto=webp","2024-11-15T13:17:07.830Z",{},"2019-04-12T12:48:47.152Z","page","CH","MKT",100,{},"Market, The Big Picture","website","https:\u002F\u002Fthemarket.ch\u002Fthe-big-picture.rss",{},"redaktion@themarket.ch","2025 The Market Media AG, Schweiz","index, follow, noarchive, noodp",{},"Fri, 28 Mar 2025 04:42:01 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