KION shares
Moderate increase in equity markets
The European stock markets only showed a moderate increase over the course of 2016. Although prices fell sharply at the start of the year on the back of weaker growth in China, geopolitical tensions, the collapse of the oil price and other factors, they then began rising again as the interest rate environment remained favourable to equities. The surprising vote for Brexit in the middle of the year created some turmoil, but only for a short time, and the second half of 2016 was characterised by minimal fluctuation within a narrow range. Moreover, the outcome of the US presidential election and Italy’s referendum did not trigger any significant price reactions. The moderate upward trend observed at the end of 2016 was primarily supported by good economic data, a strongly rebounding oil price and positive leading indicators. The DAX closed the year at 11,481 points, an increase of 6.9 per cent. The MDAX rose by 6.8 per cent to reach 22,189 points.