Historic: DAX with third-highest November return since 1959
Equity markets cannot celebrate economic disappointments forever
Shift in narrative in markets
Only commodities price geopolitical tensions
Attractiveness of US equities has declined compared to bonds
US equities in narrow trading range
The effects of tight monetary policy become visible – insolvencies rise
Equity valuations are getting a reality check
Tight supply boosts crude oil price
The second half of the year starts with a change of favourites