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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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