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.

03. December 2021


Inflation in Germany rose to 5.2 percent in November. In the euro zone as a whole, it was 4.9 percent. These high inflation rates are causing great uncertainty, and not only on the markets. However, the ECB points out that this surge in inflation is only temporary. There are indeed arguments in favor of this. For example, in November 2020, the VAT rate was 16 percent, whereas it is currently 19 percent. As of January 2022, this effect is done. The oil price is responsible for the second major distortion. For example, in November 2020, a barrel of North Sea oil cost less than 50 U.S. dollars. A year later, it was over 80 US dollars. However, as the momentum in the oil price has slowed recently, this price-driving effect will also be reduced. Overall, I expect the inflation rate to fall slightly in 2022. However, the ECB's target of 2.0 percent in the euro zone will still be exceeded. The "blissful times of investing", i.e. two percent interest on savings accounts and only one percent inflation, will not return. Stay healthy!

Joachim Döring