The stock markets have had a challenging year.
In view of the war, inflation rates of more than 10 percent and a late but tight turnaround in interest rates by the central banks, a Dax minus of around 10 percent is a very decent annual result.
The financial crisis hit more violently in 2008 with minus 40 percent.
Many companies have proven to be highly adaptable this year.
They reacted flexibly to the challenges and thus achieved record sales and, to a large extent, also record profits.
Higher energy costs could be passed on to customers in the form of higher prices.
Customers, on the other hand, have so far hardly restricted their demand, supported by all kinds of crisis aid from financial policy, but also by resorting to the savings reserves that are often available.
There is therefore much to suggest that the turnaround in interest rates and the higher prices are causing the global economy to slow down, but are not throwing the economy completely off course.
Energy costs have not risen as sharply everywhere as in Germany and Europe.
Switching to providers other than Russia will not happen overnight, but we have made good progress.
Risks like the Covid wave in China have always existed on the stock markets and always will.
But that doesn't rule out 2023 being a good new year for investors.
A year of losses is rarely followed by a second.