Dear Readers,

The ifo economic indicator ended 2016 with an optimistic trend. After the decline in November, business expectations in industry improved again. Export expectations, which are so important for Germany, also increased in view of the falling euro exchange rate and the resulting improvement in price competitiveness.

Overall, the ifo indicator remains in the boom segment of the ifo economic clock. The ifo traffic light is also set to "green".

The assessment of the private-wealth exchange model therefore remains unchanged. The economic component remains positive. However, since German shares are very highly valued, the model proposes, as in the previous month, an equity quota of 60 percent of the individually identified share component.

All in all, however, this means for investors that it is advisable to start the New Year with a positive mood. This will then again pose major challenges for forecasters and analysts. In the span between interest rates, the economy and important political decisions, it is easy to draw scenarios for both half full and half empty glasses. As in the past 13 years, we will do our best to offer you orientation even in these challenging times.

Until then we wish you a Merry Christmas and a successful start into the year 2017,

yours

Klaus Meitinger

Note: Despite careful selection of sources, no liability can be accepted for the accuracy of the content. The information provided in private wealth is for information purposes only and does not constitute an invitation to buy or sell securities.