FRANKFURT (dpa-AFX) - Statistically speaking, the chances of further price gains on the German stock market in the new week are good. Over the past ten years, November has been a pleasing month from an investor's point of view, with the DAX rising by an average of three and a half percent. The average fall in November months with losses was manageable.

November also got off to a good start this year, with the Dax reaching its highest level for four weeks on Thursday. Commerzbank blames this on "broadly positive quarterly data and interest rate optimism in the USA".

Interest rate expectations on the financial markets have recently eased somewhat. As a result, the yield on ten-year US government bonds, for example, fell from peaks of five percent to below four and a half percent and to its lowest level since the end of September. "Easing interest rate concerns not only supported government bonds, but also risk assets such as equities in general (...)", argues analyst Christian Apelt from Landesbank Helaba.

However, interest rate worries are far from over. US Federal Reserve Chairman Jerome Powell has only just made it clear that there will be no hesitation in raising interest rates again if it proves appropriate. The Federal Reserve (Fed) is therefore not yet fully convinced that it has tightened monetary policy sufficiently.

Market players are therefore likely to be eagerly awaiting consumer prices in the USA for October, which are on the agenda for Tuesday. Economist Edgar Walk from Metzler Bank wrote of a recent "incredibly strong overall economic demand". There is therefore a risk that inflation in the US will be higher than expected. In this case, investors' interest rate expectations could rise again - and put pressure on share prices.

However, if stock prices continue to rise, this could increasingly become a self-runner. After all, the end of the year is gradually approaching and the DAX is in a good position with a rise of around ten percent since the beginning of the year.

If prices continue to rise, the pressure on market participants who have not yet invested is likely to increase so that they do not miss the boat completely - and jump on board late. "Something could have started in the DAX (...) that nobody believed in anymore: the year-end rally," wrote strategist Jürgen Molnar from broker Robomarkets recently. It would not be the first time.

However, the season of quarterly reports is coming to an end and is unlikely to provide any major impetus for the market as a whole. In the new week, Porsche Automobil Holding, RWE, Infineon, Siemens and Siemens Energy are once again well-known DAX companies on the agenda. In addition, numerous companies from the second and third tiers will be looking at their books./bek/ajx/mis

--- By Benjamin Krieger, dpa-AFX ---