frankfurt The most recent quarterly season in Europe went surprisingly well – despite all the woes surrounding impending energy shortages, high inflation and rising interest rates. Eleven DAX companies have also raised their annual forecasts. Still, according to Jurgen Schalmeier, equity strategist at DecaBank, companies have pointed to a possible “economic slowdown” when presenting their business figures.

His words not only show that the executive and supervisory boards are cautious, but also take a look at his trading activities on the stock exchange. Company insiders bought a notable few shares in their companies in August. At the same time, companies reported more insider sales to financial regulator BaFin.

Professor Olaf Stotz of the private university Frankfurt School of Finance and Management finds this unusual: “Insiders clearly do not trust cashing and expect further collapse in the economy and in the stock markets.”