Published research on European equities is split by time horizon: bearish near-term, more constructive further out.
Several analyst notes this week argue the DAX and broader eurozone indices face further downside. The bear case, as laid out in recent research, rests on rising European bond yields, sticky regional inflation, and the risk of additional ECB rate hikes. One near-term view flags negative momentum carrying over into the DAX flirting with the 26,200 level.
A contrarian thread of research takes a more constructive multi-quarter view on the DAX, pointing to an upgraded German GDP forecast, a €500 billion fiscal package aimed at infrastructure and defense, and improving PMI and Ifo sentiment readings as the basis for a recovery over coming quarters. That bullish case is explicitly conditional on the stimulus actually flowing through to growth — so this reads more as a horizon split than a true disagreement.
On single names, some recently published views see a tactical rebound setup in Siemens Energy after underperformance, and view Brenntag's medium-term uptrend as intact if it clears a key long-term resistance.