In the course of financial year 2009/2010, the global economy in general and the capital markets too emerged from the depths of the financial and economic crisis of the past few years. Industrial production and gross domestic product in most industrialised nations showed a solid recovery, while in many emerging markets growth continued and at a faster pace. For the most part, prices on stock markets around the world rose in response to the trend in the real economy.

It is clear from the high volatility, however, that market participants are mindful of significant risks going forward. Among other factors, industrialised nations are known to have increased their already high debt levels in an effort to tackle the financial crisis. Like exchange rate risks, the debate surrounding the possible insolvency of certain states has been and continues to be closely watched by market participants. Risks stemming from the small capital cushion held by a number of banks have also received much attention, as has the possibility of renewed overheating in commodities or markets such as China, for example. Inflation and deflation scenarios have been a further subject of intense debate.

Despite a correction in early 2010, the German share indices gained ground overall in financial year 2009/2010. The DAX, for example, added around 12 percent between 1 October 2009 and 30 September 2010 to reach 6,229 points. The MDAX emerged from the same period even stronger, closing almost 22 percent higher than twelve months earlier at 8,768 points. On the German stock markets too, though, volatility remains high and trading volume relatively low, generally reducing the information value of reporting-date share prices.