The end of the year on the German stock market was modest.

In the course of trading, the Dax rose by 0.2 percent to 15,880 points on Thursday.

In the last week of trading in 2021, there was an increase of 0.8 percent.

After all, the 16,000 point mark is back in sight.

With 16,290 points, the Dax had reached its record high on November 18th.

But then there were price setbacks on the markets, which were triggered by a harder pace of the central bank in view of the inflation risks and worries about the Omikron variant of the corona virus.

Markus Frühauf

Editor in business.

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Professional investors will also be prepared for such price fluctuations in the coming year.

However, this in no way indicates a prolonged period of weakness on the stock markets.

Rather, such price setbacks should be used to acquire stocks at low entry levels in order to then benefit from the subsequent recovery.

Investors will need good nerves for such a strategy.

But there will hardly be any alternatives to stocks in the new year either, even if the price levels already appear anything but cheap.

Robert Greil, chief investment strategist at the Merck Finck bank, does not expect similar big leaps in the coming year as in the current year, in which the DAX gains have so far added up to almost 16 percent: “Since the monetary policy support is waning and the pandemic has not survived is, next year it should come down to a single-digit percentage increase. "

Investors have to get used to the idea that the enormous price gains following the Corona crash in March 2020 cannot be repeated anytime soon.

However, the Fiduka asset managers consider a return of 5 to 7 percent possible with stocks in 2022 as well.

You can imagine the Dax between 16,000 and 16,500 points.

Dax in the range of 17,000 points

Tobias Basse, analyst at Nord LB, is even more confident: He sees the Dax in the area of ​​17,000 points in the next twelve months.

In his opinion, the outlook is not all that unfriendly.

The inflation trend is likely to normalize again in many countries.

From this he concludes that there is less pressure for the central bank to tighten its monetary policy.

In addition, the supply chain problems would also subside.

Looking back over the past twelve months, it turns out that American stocks have outperformed European stocks.

The broad American share index S&P 500 has gained 27 percent this year, while it was just under 21 percent for the world share index MSCI and around 21 percent for the leading index of the euro zone, Euro Stoxx 50.

Europe's stocks are considered cheap

“Compared to US stocks, European stocks are now trading cheaper than ever in the past 20 years,” says Ulrich Stephan, chief investment strategist for private and corporate clients at Deutsche Bank. Bernhard Langer, senior investment strategist at the American fund company Invesco, had a similar opinion in an interview with the FAZ on December 10th: "It makes sense to overweight Europe now because a catch-up effect is likely."

So big price jumps are not to be expected, but given the negative returns on the bond market, investors must still be prepared to take risks.

These can be reduced on the stock market by betting on large stocks with stable dividend payouts.

A higher weighting of industries that are geared towards the future issues of digitization and climate change also makes sense.

In addition, the corona crisis has shown how important the pharmaceutical industry is.

In the past year, the pharmaceutical supplier Sartorius was the best DAX value with a price increase of 75 percent.

The price of the Mainz vaccine developer Biontech, which is listed on the American technology exchange Nasdaq, even rose by 195 percent.