The German DAX index has fallen significantly since the beginning of the year. When comes the recovery? Strategists at Commerzbank show why the bottom has probably not yet been reached.

DAX trend reversal still a long time coming

“The German DAX index has already lost more than 20 percent during the year 2022. But the DAX bear market is probably not over yet.”

“Further increases in US key interest rates, too high expectations for DAX profit margins and a still elevated DAX price-to-book valuation argue against a quick turnaround of equity markets.”