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.

26. May 2023

Technical recession

The Federal Statistical Office is always under time pressure when it comes to important, stock market-relevant data - such as gross domestic product (GDP) figures. For this reason, the data is then subsequently checked and revised if necessary. This applies to the German GDP data from the first quarter of 2023. The result of this review was negative in two senses. Instead of a "black zero," the office now reported a 0.3 percent decline in GDP compared with the previous quarter. This was also the second negative quarter in a row. On the markets, this development is classified as a "recession". As economic sentiment in Germany has also turned negative, little improvement is expected in the second quarter of 2023. However, most German companies whose shares are traded on the stock exchange are international. Thus, a recession in Germany is not automatically bad news for earnings. The key here is to take a close look at balance sheets and business models. I wish you a lucky hand on the markets.

Joachim Döring