Samstag, 23. Juni 2018


  • Pressemitteilung BoxID 686936

Metzler: Steady upswing on the German stock market to remain intact in 2018

Frankfurt, (lifePR) - The analysts at Metzler Capital Markets are optimistic for 2018. According to Metzler strategist Hendrik König, the largest world economies will likely continue on their upward trend, albeit at a slower pace than in 2017. He believes the risks that could arise from less monetary stimulus are limited. "Comparing historical interest rate development with the course of the German stock market, we see that when lessening monetary stimulus goes hand in hand with steady economic growth, this has a positive impact on the stock markets - at least initially". König thus expects the upswing on the German stock market to remain intact. However, he also believes we can expect significantly higher volatility than in 2017.

The average PE ratio of DAX stocks has reached an impressive level. In this environment of slightly rising interest rates, König sees only little upward leeway. Therefore, a further index hike will depend on further earnings improvements. Metzler analysts predict the DAX will reach a peak of 13,900 points in 2018 based on current consensus estimates for DAX corporate earnings and the historic PE valuation range.

The conditions for continued economic growth in Germany have certainly been met, assuming there are no major political upsets and that Germany can form a new government without new elections. Another coalition of the parties CDU/CSU and SPD would likely lead to rising investment in infrastructure. Topics like funding for families and equal pay for equal work would probably have high priority, too. Furthermore, with the departure of Wolfgang Schäuble as Finance Minister, the strict austerity policy would probably be loosened. Overall, this means that strong private consumer spending would continue - another important factor supporting further economic growth. Analysts see cause for concern in the upcoming parliamentary elections in Italy where anti-Europe parties are likely to make significance gains.

From a bottom-up perspective, the analysts at Metzler Capital Markets prefer stocks in companies that are likely to benefit from the following investment themes: an ongoing solid global economic upswing, possible growth initiatives of a new German government, structural sector growth trends like digitization, and a gradual normalization of monetary policies by relevant central banks. The Metzler analysts highlight interest-rate-sensitive stocks, e.g. insurance and bank stocks, and undervalued stocks in cyclical sectors.

Top recommendations

Based on a bottom-up analysis, Metzler sector analysts recommend buying shares in 2018 in the following companies (among others): Hapag Lloyd, RWE, Salzgitter, HeidelbergCement and Munich Re - for these stocks they see the most share price upside. However, they recommend exercising caution particularly for shares in Alstria Office Reit and Aareal Bank.

Disclaimer

This document has been prepared by B. Metzler seel. Sohn & Co. KGaA (Metzler) and is addressed exclusively to suitable counterparties and professional clients. It is thus not suitable for retail clients.

This document is based on information which is generally available and which Metzler believes to be fundamentally reliable. Metzler has not verified the accuracy or completeness of the information, however, and thus provides no warranty or representation in respect of the accuracy or completeness of the information, opinions, estimates, recommendations and forecasts contained in this document. Neither Metzler nor any of its shareholders or employees are liable for damage or any other disadvantage suffered due to inaccurate or incomplete information, opinions, estimates, recommendations or forecasts as a result of the distribution or use of or in connection to this document.

This document does not constitute or form part of any offer to buy or solicitation of any offer to buy securities, other financial instruments or other investment instruments. Neither does it take account of the particular investment objectives, financial situation or needs of individual recipients nor does it constitute personal investment advice. Metzler does not act as investment advisor or portfolio manager in preparing and publishing this document. Recipients must make their own investment decisions in accordance with their specific financial situation and investment objectives, based on independent processes and analyses, taking sales or other prospectuses, information memoranda and other investor information into account, and consult with an independent financial advisor where necessary. Recipients should note that any information regarding past performance should not be relied upon as an indication of future performance and should therefore not form the basis of any decision whether or not to invest in any financial instruments.

The information, opinions, estimates, recommendations and forecasts contained in this document reflect the personal views of the author at the time of publication on the financial instruments or issuers that form the subject of this document and do not necessarily reflect the opinions of Metzler, the issuer or third parties. They may also be subject to change on account of future events and developments. Metzler has no obligation to amend, supplement or update this document or to otherwise notify recipients in the event that any information, opinions, estimates, recommendations or forecasts stated herein should change or subsequently become inaccurate, incomplete or misleading. The model calculations contained in this document, if any, are examples showing the possible performance and are based on various assumptions (e.g. regarding earnings and volatility). The actual performance may be higher or lower, depending on market trends and on the correctness of assumptions underlying the model calculations. Accordingly, actual performance cannot be guaranteed, warranted or assured.

Recipients should assume that (a) Metzler is entitled to acquire orders for investment banking, securities or other services from or with companies which form the subject of research publications and that (b) analysts who were involved in preparing research publications may, within the scope of regulatory laws, be indirectly involved in the acquisition of such orders.

Metzler and its employees may hold positions in securities of the companies analysed or in other investment objects or may conduct transactions with such securities or investment objects.

This document is provided for information purposes only and may not be copied, duplicated, forwarded to third parties or otherwise published, in whole or in part, without Metzler's written consent. Metzler reserves all copyrights and rights of use, including those relating to electronic media. Insofar as Metzler provides hyperlinks to websites of the companies cited in research publications, this does not mean that Metzler confirms, recommends or warrants any data contained on the linked sites or data which can be accessed from such sites. Metzler accepts no liability for links or data, nor for any consequences which may arise as a result of following the links and/or using the data.

This document is subject to the laws of the Federal Republic of Germany. Venue of jurisdiction for any disputes shall be Frankfurt am Main, Germany.

By accepting this document the recipient declares his/her agreement with the above provisions.

Diese Pressemitteilungen könnten Sie auch interessieren

Gerichtlicher Erfolg für Opalenburg - Anlegerin

, Finanzen & Versicherungen, CLLB Rechtsanwälte Cocron, Liebl, Leitz, Braun, Kainz Partnerschaft mbB

Mit Urteil vom 03.05.2018 (nicht rechtskräftig), hat das Landgericht München I entschieden, dass die Beteiligung einer von CLLB Rechtsanwälte...

Garantieniveau selbst festlegen: uniVersa bietet Airbag für Fondspolice an

, Finanzen & Versicherungen, uniVersa Versicherungen

In der anhaltenden Niedrigzinsphase werden fondsgebundene Rentenversicherungen verstärkt nachgefragt. Für Anleger, die bei der Altersvorsorge...

Top-Fonds Mai 2018: BlackRock Global Funds - World Technology Fund A2 EUR (LU0171310443 )

, Finanzen & Versicherungen, AVL Finanzvermittlung e.K.

Eigenständig recherchieren, das beste Finanzprodukt finden und dann zu günstigen Konditionen kaufen - so machen es die Kunden des Finanzvermittlers...

Disclaimer