June 20, 2024
Stock Market

Germany risks becoming ‘developing country’, says boss of country’s stock exchange

The country’s stock market is also suffering similar gloom to the London exchange.

Linde, the largest company on the blue chip Dax index, quit Germany last year to relist in the US, while Germany has also missed out on listings of domestic companies such as Birkenstock and BioNTech, both of which picked New York.

The Dax is trading at a record 25pc discount to the US S&P 500.

“We have become a junk shop,” Mr Weimer said of the low value of the German stock market.

Mr Weimer also took aim at the country’s migration policy, which is a key focus for Germany’s hard right party AfD.

The executive criticised the lack of skilled workers with language skills who were recruited to come and work in the country.

“Our migration policy – I don’t want to get too political – is seen by everyone as completely wrong,” he said. “Our focus on do-gooderism is not shared anywhere.”

Der Spiegel reported that AfD state politician Jurij Kofner had been at the speech and asked Mr Weimer about whether the rise of the hard right was impacting business confidence.

Mr Weimer said: “The fact that there are right-wing populists is not an issue for us professionals at the moment.”

The AfD were forecast to have picked up 16.2pc of the votes in the European elections over the weekend, the highest level for a far right party since democracy was reintroduced in Germany after the Second World War. The CDU achieved 30pc while Chancellor Scholz’s SPD got a lowly 14pc.

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