The monetary policy outlook from the beginning of the year and now differs like night and day:
Just four months ago, up to six interest rate cuts from the US Federal Reserve were expected for 2024, but now there is only one, and probably only after the elections in November. At yesterday’s Fed meeting, investors were no longer looking for indications of when the central bank would lower interest rates for the first time, but were satisfied that there were no indications of a possible increase in key interest rates.
Against this background, the German stock index is finding it difficult to build on its previous strength. Apart from a see-saw stock market with no overarching direction, but still vulnerable to price corrections, investors currently have no other choice. From a technical perspective, the market is affected below 18,200 points. Investors today are focusing on new catalysts, such as the data on industrial manufacturing in the Eurozone or Apple’s quarterly figures after the stock market closes in the USA. At Apple, after several months of nothing but bad news, investors are now all hoping for a strong China.
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