The DAX started trading slightly higher on Thursday, topping its record high set in July.
The DAX started Thursday’s session on the Frankfurt Stock Exchange with a new all-time high with a starting price of 24,674.65 points, plus 0.32 percent. Afterwards it is largely friendly and has now reached the current record high of 24,708.97 points.
The day before, the leading index had already made gains late on and ultimately ended the day with a new record closing at 24,597.13 points.
Support from Fed Protocol & Co.
According to chart technology expert Martin Utschneider from the broker RoboMarkets, a sustained breakout above the previous record could open up further upward potential to over 25,400 points. The market is currently being supported by the prospect of interest rate cuts in the US, as revealed in the Fed minutes published the previous day, a possible resolution to the political crisis in France and the continued strength of the US technology sector.
Balance sheet season is upon us
There is a lack of impetus before the start of the new quarterly reporting season in the USA. Statistically speaking, the final quarter could be positive for the DAX: “On average, the leading German index gained four percent in the fourth quarter,” wrote analyst Jochen Mörsch from HQ Trust recently.
At the start of October, hopes of a year-end rally had already begun to emerge last week. The hope of further US interest rate cuts is creating new price dynamics on the stock exchanges, commented financial market expert Andreas Lipkow. Stocks with a connection to the topic of artificial intelligence (AI) are currently in particular demand.
Editorial team finanzen.net / dpa-AFX / Dow Jones Newswires