Mr. Schallmayer, how do you assess the current situation on the markets?

Inken Schoenauer

Editor in business, responsible for the financial market.

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With this broad-based offensive by Russia in Ukraine, a scenario is emerging that capital market participants had always expected, but still considered the probability to be rather low.

That changed suddenly.

This explains the violent market reactions.

We consider these to be appropriate.

In the coming days, the market could come under pressure again for a short time due to technically driven hedging waves.

But that has nothing to do with fundamentally justified courses.

Once again it is clear: the stock markets are one of the few undistorted risk markets.

How is Deka dealing with the situation?

As an institutional asset manager, Deka must be able to act tactically in such a situation and include market hedging instruments for the custody accounts of institutional investors.

But we're not just doing that today, we've been preparing for it over the past few weeks.

I can only advise private investors to remain calm.

Prices could fall further.

Yes, in the short term - and the emphasis is on short term - we expect a technical market correction in the Dax, which could lead back to the region of 11,500 to 12,000 points.

Fundamentally, that would be clearly exaggerated, because the Dax would then be traded at very favorable valuations, which would very quickly arouse interest in buying at the first sign of a stabilization of the geopolitical situation.

What makes you so optimistic?

We are now experiencing a capital market that is being driven by the political situation.

The fundamentals remain intact.

And as severe as this geopolitical intervention is, the impact on the global economy is limited.

There may be little economic impact in the US.

The global business cycle is intact.

German companies will also participate in this, which represents a resilient basis for a sustained upward trend.

It is therefore important to act prudently in the current situation in order to be able to participate in the expected price recovery.

You mentioned the central banks, do you still believe in the turnaround in interest rates?

In view of the current situation at the ECB, this has been put on hold for the time being.

But it is by no means repealed.

We expect her to return no later than 2023.