What will the year 2020 offer for the stock markets? Will the strong performance of 2019 be repeated? Or will it be extremely volatile, as Gottfried Heller believes? In any case, in 2020 it will be ” Trump first” (and no longer “America first”), as stock market veteran Heller suspects.
The stock market bubble is currently “the smallest bubble”, says Jens Erhardt. With a view to the even bigger bubble on the bond markets. All respondents assume that the bond markets will have problems after the bull market of recent years, ultimately to the benefit of the stock markets. Furthermore, they all assume that geopolitical risks will decrease in the US election year 2020 (Trade War, Brexit).
And: just as unanimous is the opinion on interest rates. No upward turn in interest rates is expected, rather even further interest rate cuts in the USA. And because there are no more interest rates, the stock markets have no alternative. The central banks will continue to be the drivers of the stock markets in 2020.
If everyone is so optimistic – what can go wrong? The mood at the moment is very reminiscent of the year 1999.