Why Dax and ATX is so dazzling

Since the beginning of the year, the courses in Europe have been going uphill than in the USA.

Shares from the USA, and here in particular Technology valueswere the measure of all things in the previous year. But this year – at least until now – the wind seems to be turning. While Dow Jones and Nasdaq were able to record around four percent growth by mid -February Europe’s markets better there. With Frankfurter Dax, for example, it is already 12 percent, as much on average the euro area.

There is a special feature of the German leading index: in contrast to most other indices Dividend payments into account. This results in a clear one in comparison better performance. Without taking dividends into account, the DAX would have only increased by around 160 percent by around 160 percent since the beginning of 2000.

However, since the year is still young and most dividend payments have not yet been made (except Infineon and Siemens, Siemens Energy and Healthineers), the current course plan is still relative well comparable with other markets.

But what are the reasons for the ongoing reaching of record highs? Are on the one hand US shares already relatively expensive in relation to the expected profits. The price-profit ratio in Dow Jones 24 makes up, in the Nasdaq it is even 42. The DAX reaches a value of 21. The lower this value, the cheaper a title.

And speaking out of profits: More than half of the 40 DAX companies have already raised their winning expectations for this year.

On the other hand, the interest policy of the European Central Bank (ECB) helps the European stock exchanges. Because in the euro area the key interest rates have never risen as much as in the USA. And in the current Interaction cycle the ECB is more active, because the Business In contrast to the United States.

The forecasts show that the ECB should continue to keep its pace. Only Small uncertainty factor: If inflation returns sustainably, it could be encouraged to delay further interest steps. In general, however, lower interest rates stimulate the credit market and thus help companies grow.

The weakness of the German economy is not decisive for the German stock market. Finally, another year threatens in the recession. However, the DAX companies achieve 80 percent of their sales outside the country.

Of course, this raises the question Donald Trump and the favorite economy of the US President, the Tariffon. “Of course, the development of the US tariffs remains an uncertainty factor,” says Sabine ReehFund manager at the provider DWS. “If big negative surprises come here, this could have an effect accordingly. The coming months could become more uncomfortable. ” Geopolitical escalations could also dampen the global outlook, says Reeh.

However, Trump’s announcement that it will soon be able to make peace in Ukraine with Russia recently helped a boost, especially Europe’s markets. “Ukraine is that Gamechanter for all of Europe and affects more than for the USA, ”says about Manfred SibrawaFund manager of the Amundi Austria Stockto the courier.

And in Vienna?

Speaking of Austria: The Viennese leading index ATX is also in good way this year. Like the Dax, this is almost 12 percent up and has been up to date since spring 2008 – without taking dividends into account. “Including dividends, the ATX is currently at the all-time high,” says Wiener Börse boss Christoph Boschan. The price increase is quite wide, only 2 shares are in the minus. The list of top values ​​leads the RBI an (see graphic).

In the DAX, on the other hand, only seven titles have been high in the past few months (SAP, Deutsche Telekom, Allianz, Siemens Energy, Munich Re, Siemens, Rheinmetall) worn. Reeh is optimistic that the upswing will also take place on a broad front. “Because there are first signs that the economic low point could be reached,” says the expert.