The stock market week began on Monday with a real shock.

At the beginning of trading, the S&P 500 index fell 1.5 percent and expanded the minus to 2.8 percent.

The FAZ index was hit a bit more violently, as is usually the case.

Investors were worried, on the one hand, about the events surrounding the Chinese conglomerate Evergrande, which is on the verge of bankruptcy and which is mainly concerned because of its real estate business.

And then there is the Fed: Could it be that it is really tightening its monetary policy and will soon be buying fewer bonds?

But stock buyers would probably be bond buyers if they didn't see an opportunity in every falling price and built on Article 3 of the Rhenish Carnival Basic Law: Et would still have joot jejange.

Martin Hock

Editor in business.

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And it went well too. The S&P 500 turned up on Monday, reduced its minus by 40 percent, held its breath for two days to get going on Thursday and leave the Friday closing behind. Once again it was shown that the stock market mainly shows current collective moods in the short term. At the beginning of the week it was still discussed whether the inevitable fall of Evergrande would not bring a second Lehman Brothers and thus a global financial crisis around the corner, but on Thursday night everything was fine again, and Evergrande's share price increased significantly. But what was actually good?

A vague statement from the company that the problem with interest payments on a yuan bond has been resolved and that the interest on a dollar bond will also be paid. The scenario of a “controlled detonation” still seems the most likely, writes Angelika Millendorfer, head of the Emerging Markets Equities team. Nice prospects.

What about the Fed?

Well, she managed once more to smear honey around the beard of the stock market traders.

Yes, bond purchases will certainly be reduced this year.

But only because the economic recovery is so robust.

And the feeders devoured the bait with a hook, line and lead, as they say in English.

A restrictive Fed is just a sign of how well the economy is recovering - and who cares about initial unemployment claims that are higher than expected and a falling purchasing manager index?

"The world is bad, life is beautiful, what is wrong with it?", Andreas Dorau and the marinas sang.

There is nothing to add.