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Yes, welcome back to the Capital Market Voice RT Daily Voice. My name is Christian Drastil, I'm the office manager of this project, and today, April 1st—but no joke—after a very strong Q1 in which the Vienna Stock Exchange was a relative and also an absolute winner, we're asking ourselves again: Who has awakened the BSE with a kiss?
And we—that's Gunterber from Reen Research and myself— the awakening kiss has happened. Well, I remember our New Year's Eve episode. Christian and I had Jim Rogers there, and we kept asking who would awaken the US stock market and who would awaken the domestic one. Wait a minute, I'll just briefly mention the SPI.
Well, and Mr. Trump ultimately awakened the domestic stock market, one has to say, even if he perhaps didn't intend it to be exactly like that. My ATX, depending on how you look at it, is well over 10-14% higher, stronger than the DAX, by the way, and also stronger than the MDAX, although we should of course keep things in perspective.
In a 5-year view, we're still at the level of the DAX, so to speak. We're fully involved, but of course, value stocks performed well in Europe, but we also saw an interesting rotation in the Vienna Stock Exchange portfolio. Certain themes played a role: Russia, Ukraine, the peace agreement, the economic upswing in Europe, interest rates, and valuations.
RBI was right at the forefront here, with Russia and Ukraine also involved. Föst was strong, as were Wienerberger and the traditional, perhaps also construction-related, economic insurance companies, which benefit from the interest rates. And as mentioned, Pork and Strayback were up 50% and 70% respectively over the past three months.
These price movements could never have been justified solely by the reconstruction of Ukraine. We had this on our radar and constantly considered how it could be justified. And the March issues ultimately justify it. We know that Borg and Strayback already have full order books, and now something else is coming in.
They will, of course, perhaps have to make further acquisitions. And there are certainly players in the construction market who are, so to speak, takeover targets. So, exciting themes, but also very broadly based. We looked to see if this only affected the stocks; the hybrid bonds of these companies also performed very well.
Well, I have to say the market had a very, very good sense of this, and it was known that such topics were being discussed in CDU circles, which we then saw. But that Mr. Merz implemented it so quickly and in this manner was quite surprising, even for me personally, even though the topics were already being discussed slowly last autumn.
I've just played Jim Rogers again here: "Will K beauty be kissed on one cheek by Trump and on the other by Merz, you could say that." Or yes, of course, the March editions play a role, although I think I should clearly distinguish between the stock market and economic development here. I personally was a bit annoyed by a headline in a major Austrian daily newspaper that sometimes has a bit of the FDP's (Free Democratic Party) color: " Berlin money-grubbers should also benefit Austria." So I have to say quite clearly: with our location problems, we certainly wo n't benefit from an economic and industrial upswing from Germany as in the past, and if we then limp along with maybe 1% economic growth next year or the year after, while Germany leaves us behind with almost two percent or more...
We should n't celebrate just because things are going well, and we should n't let our own reforms slip through our fingers again just because the Berlin money-grubbers are supposed to benefit us so easily. Thanks for listening again to this Daily Voice; we'll continue tomorrow. Bye, and capital markets coming home.
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