PERSPECTIVES Viewpoint Equity – Reshuffling the cards

In this PERSPECTIVES Viewpoint Equity – Reshuffling the cards – we comment on the latest equity market developments, possible determinants going forward and elaborate on our view concerning U.S. and German equity markets. Moreover, we provide a short update on Q4 2024 earnings season that is getting into full swing.

Key takeways

A higher level of dispersion could emerge as one central subject for equity investors in 2025, but U.S. equities are likely to remain the centre of gravity for the time being.
The overall outlook for the DAX is currently cloudy, especially since valuations now provide less crumple zone to deal with downside earnings surprises.
Q4 2024 U.S. earnings could prove reassuring, relative to lowered expectations. European earnings appear more at risk despite a steeper decline in hurdle rates.

The PERSPECTIVES Viewpoint is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific.

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