Current Developments in the Stock Markets
The stock markets are at record highs despite geopolitical uncertainties and an unclear interest rate outlook. Notably, the Nasdaq 100 reached a new all-time high on June 27, 2025. This is mainly attributed to investor confidence in the megatrend of Artificial Intelligence, which is seen as a growth driver and stabilizer for companies.
Strong Performance of the DAX
The German leading index DAX also recorded a remarkable increase, surpassing the 24,000 points mark in May. Since the beginning of the year, the DAX has risen by about 20%, buoyed by hopes for a resolution in the US-China tariff conflict and expectations of declining interest rates in Europe.
Fundamental Data and Market Assessments
Market analyses view this rally as a sensible development, as fundamental data remains optimistic. HSBC equity strategist Max Kettner confirms that the fundamental indicators align with the current market level, thus justifying the price increases.
Risks and Investor Confidence
At the same time, experts are advising caution. Significant headline risks arise from the Middle East conflict and trade talks between the EU and the US. A short-term consolidation or pullbacks cannot be ruled out. Nevertheless, investor confidence in a continuation of the upward trend currently prevails.
Conclusion
Despite geopolitical risks and uncertainties surrounding interest rates, the stock market rally is supported by solid fundamental data. This is reaffirmed by strategists like Max Kettner and reflects a positive assessment of economic development.