In the year 2019 sowing will take place.
(Reading time: 2 - 4 minutes)
Dear Readers,
it's been a turbulent year. What began in an exuberant mood - economic and profit expectations were massively revised upwards at the beginning of 2018 - now ends in minor. Economists are cutting their growth forecasts, stock prices are falling. Investors look to the New Year with concern.
One of the best leading indicators signaled this trend reversal in good time. In February 2018, the expectation index for the ifo business climate in German industry fell for the third time in succession. The entrepreneurs surveyed by the ifo Institute became more sceptical - and rightly so, as we now know. In conjunction with the very high share prices, this generated a sell signal for the private-wealth stock market indicator ("We are out...