they have long worried that their housing market is over-heating.

Now, the're worrying about the stock market, too.

The Dax, Germany's benchmark stock index has hitted series of all-time highs over the past six weeks.

It's total return this year, have beaten those of the S&P 500,

and, it has been a popular destination for money switching out of US equities and into European ones.

But, a regular survey of German executives by Common Spike and the Frankfurt School of Finance and Management,

suggested that managers' appetite for stocks is waning.

top parameter is well out earlier this year, is such scepticism justified?

Well, on the face of it, no.

But price-earnings ratio for the Dax remains well below that of the S&P 500.

And, the rise in the Dax has been partly driven by improving earnings at German companies.

Aggregate forecast the Dax companies have risen over six percent since the start of the year.

But the Dax is highly cyclical.

It is full of carmakers, capital goods and chemicals stocks.

Bayer, BASF, Siemens and Daimler accounts for over a third of the index's gains since December.

All that means it is sensitive to changes in macroeconomics sentiment.

This has been positive recently.

But strategiests Deutsche Bank think that nice surprises on the macro front in Europe will become rarer in the months ahead.

And that would be bad for German cyclicals.

Orginary Germans have, of course, long been sceptical of their equity market's generally,

after such a strong rally in the Dax, prefessional investors would do well to exercise some cautions, too.