Frankfurt The German stock market faces a turbulent week of trading. “The Dax can slip to the 11,000 to 12,000 point mark before it recovers,” believes Ulrich Kater, chief economist at Dekabank. In this extreme scenario, the leading German index would lose up to a quarter of its value compared to Friday’s close at 14,567 points.
Kater argues with the possible consequences of the sanctions from the weekend. Western countries agreed to exclude some Russian banks from the Swift payment system and to take measures against the Russian central bank to prevent it from using its foreign exchange reserves.
The Dekabank man expects severe counter-sanctions from Russia. Therefore, one must also expect interruptions in natural gas and raw material deliveries. His Dax estimate refers to this crisis scenario. If the situation worsens, he expects the price of oil to reach $130 a barrel, around a third above the current level.
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