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DWS does not expect a global recession in the coming twelve months. "The world will not fall apart. Although growth will slow down, there will be further growth," said Chief Investment Officer Stefan Kreuzkamp at the asset manager's capital market outlook in Frankfurt. Nevertheless, there are numerous market risks and political risks that could put an end to the record upswing. Against this backdrop, he forecasts 12,300 points for the Dax, for the SP 500 of 3,000 points in 12 months’ time. For the dollar, he forecasts an exchange rate of 1.15 to the euro.
Market risks included the very high valuation level of certain corporate bonds, signs of fatigue in private consumption in the USA and the threat to the independence of central banks. The chief investment...
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