New worries – old Dax forecasts

Just over a week ago, banks looked pretty old with their year-end forecasts for the Dax. The ten banks that the Handelsblatt had asked for their assessment of the development of the leading German index predicted between 14,300 and 17,000 points. That corresponded to an average of less than 15,700 points. The Dax had just reached its highest level in 13 months at 15,706 points and had thus in principle already overtaken the forecasts of the banks, some of which had been raised since December.

But most strategists did not really trust the share prices, which had risen so rapidly up to that point. One reason for the only cautious optimism: the strong interest rate hikes by the central banks that have been going on since last year would only have a delayed impact on the economy and thus dampen it.