The Dax curve in the trading room of the Deutsche Börse in Frankfurt. Has the leading German index already bottomed out in the current stock market year?
(Photo: dpa)
Frankfurt The stock market is driven by two closely related issues. Is the economy going into a deep recession or not? Is the current rally since early July just a ‘bear market’ rally, ie limited upside, or a sign that the stock market has already bottomed?
The major trends on these issues will be decided in the US. How far Europe follows this trend will depend primarily on the course of the war in Ukraine and its effects on energy prices.
At least Goldman Sachs has an explanation for the fact that earnings estimates for European companies remain quite stable despite the recession concerns.
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