Deutsche Bank analyst Uleer sees 18% DAX in 2026 as Germany cuts growth to 1.0%

On February 2, 2026, the German Economy Ministry lowered its 2026 growth outlook to 1.0% from 1.3%. In a Friday note, Deutsche Bank strategist Maximilian Uleer said he still expects the DAX to climb 18% in 2026, well above an 8% consensus, citing government spending and resilient global conditions.