Dr. Stephan, the share prices on many exchanges of the world, are rushing down because of the new American tariffs. Had the financial markets underestimated the topic? The announcements of the US President went well beyond the market expectations. At first there was talk of the effective tariffs of the United States from around three percent to ten percent, it is now an average of 28 percent. In addition, there are different reasons from the White House – performance balance sheets, income, withdrawal of industry, self -sufficiency of the USA – which is why the affected countries have difficulty assessing suitable measures. Is it difficult to answer now. Trump had offered negotiations if, as he put it, there are phenomenal offers from other countries. China was not impressed by this, the country has raised tariffs in turn and introduced export restrictions for certain materials and rare earths. This has fueled further uncertainty on the market regarding a full -grown global trade conflict. The political and economic damage is already big. We expect significantly lower growth figures worldwide, but especially in the United States. Ulrich Stephan is a chief of chief of the Deutsche Bank for private and corporate customers. Wolfgang Eilmeswele shares are particularly affected? First of all, the market is in a risk-off mode. This means that the width is sold. This is usually done via the indices using ETF or futures. But actually cyclists lose more than defensive stocks. The companies are also sold that have a high rating, such as the technology values or their supply chains, such as the automotive industry. Can be given advice and ETF investors? I know it’s not easy. Thanks to my advanced age, I have already seen several crashes. They have always been a good purchase opportunity if you have a longer investment horizon, which is known to be the case with stock systems. You should watch the situation and get in when the market has found a floor. But the location develops dynamically, and it will certainly remain volatile for the next few days and weeks. The price-profit ratio (twelve months forward eps) European shares is below the media of the past ten years, the American stocks are still somewhat above. It will certainly be decisive what the companies will say about the tariffs in the upcoming reporting season and to what extent the profits are revised downwards. At the moment, the profit expectations for Europe are around 6.5 percent and in the United States at more than eleven percent. But as I said, these are all snapshots. In the long term, it should be worthwhile to enter the stock market.
