Mr. Keitel, how do you rate the outcome of the election for investors?

Inken Schönauer

Editor in business, responsible for the financial market.

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The stock market wisdom will prove to be true that political stock exchanges have short legs.

Germany is so globally networked that even an event as important for us as a federal election hardly has any impact on the capital market.

The fact that the Dax jumped a bit in its early reaction is likely to be due to the relief that a coalition of the SPD, the Greens and the Left is off the table.

What should investors watch out for now?

Whether with or without federal elections, the basic formula for investing applies: the widest possible spread across all asset classes.

It doesn't matter whether you have millions to invest or whether you favor savings plans.

But with the Greens, the issue of climate and sustainability will get a new boost.

This opens up new opportunities in the system.

Of course, investments that promote the climate are now becoming more attractive in the sector analysis.

But that doesn't just have something to do with the Greens.

The topic - we saw that in the election campaign - is now occupied by all parties.

It doesn't matter to the investor.

There are new opportunities for returns.

Where are the possible dangers lurking after the election?

The attractiveness of Germany as a business location is very important. In all the discussions that are now being held, this must not be lost sight of. We talk so much about sustainability, but it all has to be paid for. Climate protection costs money. If companies are not able to meet the challenges financially, then this process loses all economic logic. This also applies to investors who are supposed to come to Germany from abroad to help shape the change. In relative terms, the German business location must be more attractive than others. Only then can change work. In this respect, the outcome of the election and the effects that result from it also have an international component.

How bad is it when the formation of a government takes a long time?

The markets generally don't like uncertainty.

However, everyone is expecting the formation of a government to take a while anyway.

Anything that goes faster would even be a surprise in the end.

But even if things go faster, I wouldn't expect the markets to be euphoric.