While the USA is harming itself with protectionist measures, Europe is showing potential for a race to catch up - an effect that Trump certainly did not take into account during his election campaign.

The capital markets are starting the new year on an optimistic note. US equities in particular - especially the IT giants - are seen as promising by fund managers.

As the year draws to a close, the capital markets are caught between moderate economic adjustments, persistently high interest rates and geopolitical uncertainties.

Investors are currently betting on an upswing. But the euphoria is reminiscent of Japan in the 1980s: strong markets, exuberant expectations.

Geopolitical risks and fluctuations in economic data from the major economic areas of the USA, China and Europe are influencing market sentiment and contributing to uncertainty about the prospects for global growth.

In the run-up to the US presidential elections in 2024, questions about the economic future of the USA are dominating the capital markets. With Donald Trump as the new candidate, a political decision is imminent that is also likely to have far-reaching effects on the capital markets.

In the meantime, the overvaluation of US equities is on a par with the dotcom bubble in 2000, unlike the rest of the world market. So is a new bubble emerging here? And what forecasts can be made for the future?

The US, China and the eurozone have recorded nominal economic growth of over 10% since the end of 2021. So is there no cause for concern or are some things being overlooked?

German investors are pessimistic - but is their displeasure justified? What do the forecasts for currencies, shares, real estate and the risk of recession really look like?