# Geopolitical Risk and German Equity Market Volatility

**Podcast:** Deffner und Zschäpitz – Der Wirtschafts-Talk von WELT
**Published:** 2026-03-21

## Transcript

My name is Daphna.
Dietmar Defner.
My name is Chipitz, Holger Chepitz.
The im Podcast besprochenen Aktien and Fonds stellen keine spezifischen Kauf- oder Anlageempfehlungen dar.
The Moderatoren and the Verlag haft nichts für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen.
Zusätzlich zu unserem großen Podcast becomes jeden Samstag an Daphna and Chapitz Update mit Ausblick.
Anders heißt Dienstags.
Kurz and knapp, denn Zeit is Geld.
And jetzt rein in die Show.
Eigentlich bin ich schon seit einigen Wochen ins Bärenlager gewechselt mit meinen Wetten anders wieder recht behalten.
We diskutieren auch gleich ausführlich nochmal im Thema der Woche darüber.
Infolgedessen sind auch die Anleiherenditen nach oben geschossen in Deutschland.
Die Bunt-Rendite auf den höchsten Stand seit 2011.
Das ist alles kein gutes Umfeld für Aktien.
Dabei sah es so gut aus am Wochenanfang.
Montag, dieser Mittwochmittag lag ich dick von 2% plus.
And it was not the Krieg that's Bilance.
There was the Gewinnschätzing.
When beyond the Krieg, where the Unsified is not this.
That was all good.
And so the dick minus to stand.
But I give me off the house.
That is the week the Krieg in Iran, the Krieg in the Narostan.
The Ausgangssituation, the Straßen von Hormuz, blocked by the Iran.
In this case, the Israelis have begun the Gasfeld in the Golf to bombard off Iranis.
The Qatar has said that the Ölfeld five years brought before reparated.
There is this striker as the oil price.
And there could not be a very striker.
But when we leave it to Asia, then the Asiatic American gas needs or the Russia or what is a stride on these things.
And when we see in Deutschland is a daumen, 10% higher energy price he says 0,4%, higher inflation and 0.1%.
That can be what that is.
Trump in the fire and drove that there is the wicked Iran, the Drew for the Exported or blocking will.
The Iran and fell with the ship to the streets of Humus.
That is not a good idea.
And when we will hinder this infrastructure to make it, when the Krieg is a normal energy.
And there is the idea, the Drehscheibe to the Sunday and to say, and here can be clue.
I mean, it's kind of what we can.
And we can bring that on the handlers comes.
And one is that many people.
But I wish not what we had, but so far to say, we have the Krieg, we have him.
And that was the job not to do it.
And strategy and Kriegsziel for the world, for all the site of the USA.
That is the problem.
And so we were the tanker, and the Fikling NATO should not have a common way.
And this is to be a little bit, there might have been troops on the ground.
So marine infantry that off these are a very nice deal for the Iran.
I have the General Carter, here's an expert by the WTV.
They wanted to strategic unclu that to do.
And I think as Kriegsziel to Atom have, and we won't be so much that this in the next year is a Kriegszeal.
That's not the fact.
The whether we can this Kriegszeal can and when the Iran on the handlers spring, the Uran, which lagged, and that must be.
The action had so stark in the last year a good hook had started, while it was an um in December.
But we have to the margin.
Jonas is an anbieter of a deutsche cloud.
And I think that could be an alternative to the hyperscalers of the USA.
But it has a puncture.
The Deutsche Bank said the 40 euros and the Ziel kaufen bestätigt.
It's the tax with minus minus 10%.
I wouldn't know that it's the action the verlier is.
Next week, da glaube ich, dass es vielleicht doch tatsächlich mal eine Erholungswoche gab.
I can't forget that it's an early panischen Ausverkauf gibt and we have so vielen Minuswochen berappeln im DAX.
Ich bin ja schon in two weekends here auf der positive Seite.
I think that it's not home gets for this week by Daphne and Shapers in TV.
We're sorry tschüss.
Bei Welt und überall, wo es Podcast gibt.