the DAX is heading unabashedly towards one of its best stock market years ever. Over the year as a whole, the DAX has risen by 16 %. Since the beginning of the year, Germany’s leading index has risen by as much as 25 %. Of course, 2018 was less pleasant, especially for German equities. Here, the DAX lost around 18 %. But that’s the way the stock market works. A bull market must always be preceded by a bear market, so that the markets can start again from an adjusted basis.
Nevertheless, the 2019 bull market came as a surprise to most investors. After all, the year was initially characterised by rather mixed news. For example, we had to deal with the US-Chinese trade disputes and the Brexit issue. In the aftermath of these events, economic concerns finally arose. In October, in a traditionally weak month on the stock markets, the tide turned. Washington and Beijing got closer again, and the British House of Commons clearly rejected Boris Johnson’s harsh Brexit fantasies. With this in mind, the markets stated to rally.