The new Dax week will also be dominated by monetary policy. With the European Central Bank (ECB) yet to lower interest rates as expected, attention now turns to the US Federal Reserve's interest rate decision. In this sense, the US labor market report and inflation data are giving new impetus to stock markets and central banks.

Additionally, the reporting season moves to the next round. The main German index is currently within sight of its all-time high of a good 17,000 points.

Despite economic concerns, the ECB has yet to give in to calls for an interest rate cut. The Federal Reserve probably won't cut interest rates on Wednesday either. “We expect bets on significantly looser monetary policy to be overstated as growth and the labor market remain strong,” said DZ Bank's Birgit Henseler. The US economy grew surprisingly significantly in the fall.

The economy in Germany was significantly affected

The German economy, on the other hand, is noticeably affected. The Ifo business climate deteriorated further in January and indicates a recession. Data on fourth-quarter economic growth in Germany and the euro zone are expected on Tuesday.

Meanwhile, inflation remains persistent. Preliminary data on consumer prices for January in Germany will be published on Wednesday. Eurozone data will follow on Thursday.

Deutsche Bank and Siemens Healthineers publish figures

Corporate reporting season is likely to provide a further boost. Deutsche Bank and Siemens Healthineers will leave Germany next Friday. Especially in the US, numerous quarterly reports from technology heavyweights, including Microsoft, Alphabet, Apple and Meta, are on the agenda throughout the week. The hype around artificial intelligence recently sparked a rally in technology stock prices, which also helped US stock markets set records.

Thanks to SAP, the AI ​​hype recently spread to Dax. The software maker wants to boost the artificial intelligence business with a major restructuring and, as a heavyweight, also led the leading index with significant price increases. Investors should now be alert to the risks, wrote Bastian Ernst of Weberbank. Markets are already quite euphoric, but “this euphoria should be a warning sign.”

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