In our scenario for 2024, we consider moderate price gains with greater price fluctuations on the German stock market to be likely, after the 2023 stock market year went surprisingly well for DAX investors with an increase of 20 percent. We are convinced that an economy that continues to languish over the course of the year, both in Germany and in the euro area, is likely to slow down the DAX profit prospects and thus the DAX. We also expect that the ECB and the US Federal Reserve will not be able to bring inflation down to their 2 percent target levels as early as 2024, partly because of sharply rising wages. However, some positive surprises have recently become more likely, which we considered possible for the stock market year 2024. We are convinced that the increasing use of artificial intelligence will be a positive driver for DAX company profits in the next few years. But in 2024 the negative economic effects are likely to predominate, so we are forecasting stagnating DAX corporate profits for 2024. The market consensus, on the other hand, still assumes profit growth of 4 percent (FactSet market expectations, see chart 1).