Dear Readers, "the thunderstorm front, which led us to completely dismantle our shareholding two weeks ago, has now dissipated somewhat," informs Oliver Schlick, who recalculates the capital market seismograph every four days. As you know, the capital market seismograph distinguishes between three phases: "green" (quiet market = buy), "yellow" (turbulent market with positive expectation = invest, but with hedge) and "red" (turbulent market with negative expectation = do not invest).

Dear Readers, The ifo business climate is pointing downwards again in October. The most important component for us - the expectations in industry for the future - also fell back after a twofold increase. After a brief recovery, the mood in the export sector has also been dampened. The ifo traffic light has thus switched from "green" to "yellow". At yellow traffic lights, the ifo Institute assumes that there is a high degree of uncertainty about the economic regime.

Dear Readers, "The pace at which the probability of a bear market increases is worrying," informs Oliver Schlick, who recalculates the capital market seismograph every four days. As you know, the capital market seismograph distinguishes between three phases: "green" (quiet market = buy), "yellow" (turbulent market with positive expectation = invest, but with hedge) and "red" (turbulent market with negative expectation = do not invest).

Dear Readers, The new data of the capital market seismograph reach us just now. "The climate shift on the capital market, which has been the subject of discussion for quite some time, is now reflected in the probabilities of the seismograph and leads to the recommendation of a strong reduction in the share quota", Oliver Schlick informs, "the advice is to reduce the weight of shares considerably." As you know, the capital market seismograph distinguishes between three phases: "green" (quiet market = buy), "yellow" (turbulent market with positive expectation = invest, but with hedge) and "red" (turbulent market with negative expectation = do not invest).

Dear Readers, The Munich-based ifo Institute presented the August results of its survey on the business climate and business expectations. According to the report, the mood in the German economy has deteriorated noticeably recently. The important expectation component in the manufacturing industry has even fallen below its long-term average. This puts the industry back in the downturn quadrant of the ifo watch. The ifo traffic light is now also "red" again (graphics below).