Leading index DAX reaches new record high

Leading index DAX reaches new record high
The DAX is the most important German stock index.
Image: Boris Roessler (dpa)

Most recently it was 0.76 percent higher at 16,286.45 points. The hope of an early solution to the US budget dispute had caused optimism among investors. The old DAX high of around 16,290 points was reached in November 2021, before the Ukraine war and rising key interest rates had pulled stock markets down worldwide in 2022. The stock market index has gradually recovered since autumn 2022. The end of the strict corona measures made a particular contribution to this.

Europe’s stock markets firmer over the course

At around 2:30 p.m., the Euro Stoxx 50 was 0.85 percent higher at 4,404.41 points, not far from its high for the year in April. The London FTSE-100 was last at 7,506.65 units, an increase of 0.44 percent.

Overall, trading was quiet ahead of the weekend. The specifications from Asia were inconsistent. In addition, the pre-market indicators on the US stock exchanges led to the expectation of further moderate increases at the start of trading in New York.

Hope for an end to the debt dispute in the USA

In addition to robust economic data, there was also hope of an early agreement in the dispute over the debt ceiling. Both US President Joe Biden and his opponent in the negotiations, the Republican chairman of the House of Representatives, Kevin McCarthy, were optimistic that a default by the US government could be avoided.

The most important economic data came from Germany on Friday before the market. Producer prices there rose more slowly in April than they have in two years. Manufacturers of commercial products demanded an average of 4.1 percent more than a year earlier, compared to 6.7 percent in March.

On the sector side, stocks from the basic materials sector were in demand in early trading, with the corresponding sector index increasing by 1.9 percent. Surprisingly good figures from US industry colleague Applied Materials gave some impetus to European chip manufacturers. ASML shares rose 1.2 percent in the Euro Stoxx 50.

Equities in defensive sectors lagged behind in the good mood. The industry barometer for health telecom stocks recorded the lowest increases.

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