For the German stock market, it is the best of all possible worlds.
The dollar has gained strength in recent months and is boosting the country’s export economy.
European Central Bank President Mario Draghi is keeping interest rates at an historic low in the euro zone, and has reserved as much as €1 trillion for buying government bonds.
And the price of oil is at a five-year low, at about $60 a barrel.
Jens Weidmann, president of the German central bank, the Bundesbank, said the low oil price amounts to a free-of-charge “mini growth-boosting program.”
But all this appears not to have impacted the markets much. Germany’s DAX, the blue-chip index of the 30 largest companies, did cross the 10,000-point threshold several times and reached an all-time high of 10,093, but overall it rose less than 4 percent for 2014.
Next year should be better, but the 35 experts Handelsblatt surveyed for its annual analysis of capital markets still don’t believe there will be a strong surge. On average, the experts from international banks believe the DAX will rise 8.2 percent in 2015, to 10,706. If that holds true, the index will have risen by almost half its value within four years.