After investors had seen rather meagre returns on the German stock market in 2014, German blue chips enjoyed a spectacular upswing right out of the gate as 2015 got underway. Driven by the European Central Bank’s easing of monetary policy – the extent of which came as a surprise to markets – the German DAX bellwether index had already broken through 12,000 points by March. This trend was supported by the weaker euro, which came as a boon to the heavily export-dependent German economy. The terrorist attacks in Paris, the possibility of Greece leaving the Eurozone, the flashpoints in the Middle East, the sustained drop in the price of oil, the rise in interest rates in the United States and softer economic data coming out of China – all these factors exacerbated the nervous mood on stock markets, giving rise to sometimes marked price volatility.

The German DAX index had entered 2015 at 9,806 points. After its early rally the index surpassed the magic 12,000 mark for the first time in its history on 16 March 2015. It was not, however, a level that could be sustained over the longer term. By the end of August Germany’s leading index had slipped back below its level at the start of the year at 9,648 points, finally closing the year after some ups and downs at 10,743 with a gain of 9.6%. The performance of the MDAX was similarly volatile: standing at 16,935 as the year got underway, it had surged to an impressive 21,114 by mid-March. The ensuing rollercoaster ride left the index at 20,775 points after twelve months with a gain of 22.7%. The Dow Jones, by contrast, moved in the opposite direction to end 2015 2.2% lower at 17,425 points.