Abstract: An aqueous, oxidatively drying coating composition is provided, the binder system of which comprising (A) the polymer obtained by polymerization of a monoethylenically unsaturated compound in the presence of (B) an aqueous solution of an ionized, oxidatively drying alkyl resin, and (C) a dispersed, oxidatively drying alkyd resin having a number average molecular weight of 600-6000, a viscosity of at most 30 Pa.s, measured at 20.degree. C., an acid number of 0-20 and a hydroxyl number of 0-130, and built up of 3-40% by weight of a hydroxyl compound, 2-44% by weight of a carboxylic acid including a cycloaliphatic dicarboxylic acid, and 20-90% by weight of an ethylenically unsaturated fatty acid. Calculated on solid matter, component C forms 5-65% by weight of the binder system. The coating composition is preferably applied to wood.