It's time for the stock market blues.

After all, September, together with August, is the worst month on the stock market on statistical average.

The Dax lost more than 6 percent this August.

And September got off to an uncomfortable start, too, not just because the M-Dax fell below 25,000 points.

Not only did he set a low for the year, the M-Dax is also a whopping 30 percent lower than exactly a year ago.

Hanno Mussler

Editor in Business.

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On the other hand, the Dax has not yet undercut its June low of 12,401 points from this year, but at times this week it was only missing a small setback of 2 percent.

The Dax then rose by a good 3 percent on Friday, buoyed by strong numbers about a still booming labor market in the USA and closed at 13,050 points.

But it almost bordered on a small miracle if the Dax were spared new lows for the year in the coming weeks.

Because there is a crisis almost everywhere: hedge funds are betting on short sales of Italian government bonds worth billions against what is probably the weakest of the largest members of the European Monetary Union, which is facing elections on September 25th.

With an inflation rate of a good 9 percent, price increases in the euro area are out of joint.

Before its meeting on Thursday, the European Central Bank is under pressure not only to raise interest rates by 0.5 percentage points, but also by 0.75 percentage points, like the American central bank did twice recently.

However, such a drastic rate hike could shake up the capital markets.

Now, of all times, Porsche wants to open up to new investors.

The sports car maker is likely to officially announce as early as next week that it intends to list its preferred stock within the next six weeks.

The seller of around 25 percent of Porsche is VW.

Unlike the preference shares, however, 25 percent of Porsche ordinary shares are not traded freely, but are owned by the already listed Porsche Automobilholding.

The price she pays for the ordinary shares will apparently be based on the issue price of the Porsche preference shares plus a premium.

In view of the shaky state of the stock market, a high issue price is unlikely despite Porsche's high traction.

At least investors are apparently speculating on a good entry price for the automobile holding company.

According to reports, at least one other company will be looking for a listing on the German Stock Exchange in October.

It will take good nerves for that.

Strongly fluctuating share prices have already thwarted some stock market aspirants in the past.

Investors should not be lulled by the September stock market blues.

On the contrary, a possible stormy sell-off can certainly offer opportunities to enter the stock market.