MUNICH (dpa-AFX) - "Münchner Merkur" on Dax 20,000:

"At least for stock investors, Donald Trump is much better than his reputation: since his election, the stock markets have only known one direction - up. Despite the Dax record, there is no reason to cheer the German economy: The strong annual growth of 19 percent so far was only possible because the major German corporations generate over 80 percent of their turnover abroad, where politicians have created better framework conditions for the economy. For the DAX giants, the US market, where they generate 22% of their turnover, is even more important than the domestic market. By comparison, the MDax of medium-sized companies that are more focused on the crisis-ridden German market, including many struggling automotive suppliers, is down 3 percent this year. It is not Santa Claus Trump who is visiting this year, but Krampus in the form of Chancellor Scholz and Economics Minister Habeck."/yyzz/DP/ngu