The editors of private wealth have collected 15 questions and presented them to the Lerbach Competence Group - a network of private bankers, family officers and asset managers. The questions about the next German Chancellor, Italy's debt problem, Europe's future and the German labour market have already been answered.

The editors of private wealth have collected 15 questions and presented them to the Lerbach Competence Group - a network of private bankers, family officers and asset managers. The questions about the next Federal Chancellor have already been answered. This time the focus is on Italy's debt problem and Europe

The editors of private wealth have collected 15 questions and presented them to the Lerbach Competence Group - a network of private bankers, family officers and asset managers. Who will become Federal Chancellor in autumn 2021 - do you give a probability?

Who will win the US presidential election? Who will become chancellor? Is Italy threatened with a debt cut? Where will the DAX be quoted in August 2021? The editors of private wealth have collected 15 questions and presented them to the Lerbach Competence Group - a network of private bankers, family officers and asset managers. In the coming days, private wealth will successively publish the professionals' forecasts.

Dear Readers, In August, the ifo business climate index rose again. Particularly in the manufacturing sector, which is important for the private-wealth stock market indicator, the mood has now improved considerably. Although many industrial companies still assess their economic situation as poor, the outlook for the coming months is much better (chart below). The ifo researchers explain that order books are filling up again. This is encouraging. What is interesting for investors is that the recovery in the industrial sector should not only support the entire stock market. It could also create investment opportunities in second- and third-tier cyclical companies whose stock prices are still far below pre-corona levels.