Macroeconomic environment

With global economic growth slowing further in 2019 as expected, Deutsche Börse Group generally anticipates a slight improvement in the general conditions for global growth in the forecast period. Reasons for this include the prospect of a resolution of the ongoing trade conflicts, mainly between China and the US, the easing of US interest rate policy since mid-2019, as well as the political situation in Europe, especially with regard to the reduced risk of a disorderly withdrawal of the United Kingdom from the European Union. However, at the time of the publication of this combined management report it becomes apparent, that the SARS-CoV-2 („Coronavirus“) virus outbreak in China at the end of 2019 will have significant negative implications for the development of the global economy, at least in the first months of 2020.