ZEW Forecast Survey: Analysts Expect Lasting Upward Trend for the DAX and a Slight Easing of the Oil Price Until Mid-2013

German banking industry analysts are confident regarding the development of the DAX in 2013. This is shown by the current results of the ZEW Forecast Survey, a survey among 20 German banks which has been conducted quarterly since 2001 by the Centre for European Economic Research (ZEW).

For mid-2013 the participating banks expect an average DAX value of 7,839 points with their expectations ranging from 7,400 points (Postbank) to 8,200 points (UniCredit). “The result of the survey shows that many market participants assess the perspectives at the German stock market positively, although the risks stemming from the debt crisis within the eurozone still remain”, says Dr. Gunnar Lang, economist at ZEW’s financial markets department.

Regarding the oil price, the analysts of the surveyed banks currently expect no further increase. They forecast a price of USD 110.76 per barrel by mid-2013. The expectations of the surveyed institutes are ranging from UDS 100 to 120 per barrel. The long-term interest rates will increase slightly, according to the surveyed banks. An average increase from 1.36 per cent at the end of 2012 to 1.69 per cent by the end of June 2013 is expected.

For further information please contact

Dr. Gunnar Lang, Phone + 49 621/1235-372, E-mail lang@zew.de