Vienna Stock Exchange News

Market analysis: Another golden October

Wolfgang Matejka, CEFA

Last October, the globally dominant stock market themes of this year remained largely intact. The supply chain problems, the partly derived chip shortages and a price increase in raw materials and energy with all its inflationary implications. All of this was supplemented by the activities and pronouncements of the central banks, which tried in a global lockstep not to stop the hitherto appealingly positive economic developments. The question of an easing of the supportive buying in this regard was naturally often at the top of the stock market agenda. 

The ATX mastered this environment very well, as it has done many times this year. On the one hand, international investors see themselves well positioned in our index in the current economic environment with banks, oil and utilities, and on the other hand, the ATX is once again playing its already frequently assumed role of a liquid proxy for Eastern Europe. The performance of our market was therefore once again among the best of the European benchmark markets.

The remaining year will once again accompany us with Covid19 characteristics, the question of the time perspective of the meanwhile increased inflation, and in connection with this, the development of commodity and energy prices in connection with the economic expectations for 2022. Tension therefore remains. In addition, the outlook for the coming year will come back into focus for the time being. So far, our companies have been well able to master the challenging economic environment of the last few years. Therefore, towards the end of the year, the expectation of the end of the supply chain blockades with all its positive implications should also become clearer, which should carry our stock market into the new year in a friendly manner.

Wolfgang Matejka, CEFA
Managing Director of Matejka & Partner Asset Management GmbH  
2 November 2021

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Wiener Börse AG would explicitly like to point out that the data and calculations given in this report are historic values, which do not permit any conclusions as regards future developments or value stability. Price fluctuations and loss of capital are possible in securities trading. The contribution is the personal opinion of the analyst and does not constitute a financial analysis or a recommendation for investment by the exchange operating company, Wiener Börse AG.

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