Dax Stockbrokers expect new heights

Dax Stockbrokers expect new heights

Despite the latest course records, the Dax experts say there is still room for improvement. "There are many reasons that inspire the markets and give hope for even higher prices," says Christian Kahler, chief investment strategist for stocks at DZ Bank. "The end of the corona pandemic seems to be in sight - despite initial difficulties with vaccinations in Europe. US President Donald Trump is about to leave, and a hard Brexit has been avoided." The now determined victory of the Democrats in the US elections forms a good basis for further price gains, says Norman Villamin, chief investor of the asset management of the private bank UBP. The party of the future US President Joe Biden had only secured a wafer-thin majority in the second Congress Chamber through the by-elections for the Senate last week. In a landslide victory, the signs would have been more towards redistribution, adds Villamin. "The planned fiscal expenditure would have been covered by an almost simultaneous increase in corporate and income taxes for private individuals with high incomes." Now additional aid packages to cushion the coronavirus consequences are the focus. In the past few days, due to this speculation and the approval of another coronavirus vaccine, the Dax temporarily rose to a record high of 14,131.52 points and gained 2.5 percent on the bottom line. This plus can be interpreted as a good omen for 2021. According to a stock exchange rule, the price development on the first five trading days sets the direction for the year as a whole. For the Dax, this was the case in 70 percent of the cases in its more than 30-year history. Carsten Mumm, chief analyst at the private bank Donner & Reuschel, warns against excessive expectations. Much of the positive outlook for 2021 is already included in the courses.