Market commentary with Joachim Döring

Our experts don’t only monitor the capital markets intensively, but are also active market participants in the interest of our clients on a daily basis. Here you can regularly find the latest market commentary of our expert Joachim Döring, Head of Wealth Management.

08. December 2023

Year-end rally

After three difficult months, strong momentum has emerged on the stock markets over the past six weeks. Prices have risen sharply for both shares and bonds. This development is being driven by the hope that the central banks will lower key interest rates in 2024. For this reason, things will get really exciting again on Wednesday and Thursday, as the central bank meetings in the USA and at the ECB are scheduled. These days could become a litmus test for the markets: Are the central banks' statements on future interest rate policy in line with expectations or not? In principle, I also assume that key interest rates will be lowered in 2024. However, my impression is that exaggerated expectations have recently been priced in and prices are therefore somewhat overheated. Against this backdrop, it can happen that the central banks spoil the mood. However, such pauses for breath are normal on the stock market and I expect share prices to continue to rise in 2024. I wish you a lucky hand on the markets.

Joachim Döring