Germany’s DAX Stocks Index Misses a Record Close by a Whisker
Germany’s Benchmark DAX Index Surpasses Record Close Set in 2018
(Bloomberg) --
Germany’s DAX Index briefly surpassed the peak reached two years ago, but failed to hold the gain into the market’s close.
The benchmark index -- home of multinational companies including Infineon Technologies AG, Deutsche Telekom AG and BMW AG -- rose 0.1% to 13,556, just four points below the previous closing record. Both the S&P 500 and the Stoxx Europe 600 Index have recently hit fresh records as easing trade tensions coupled with positive economic data boosted investors’ appetite for risky assets.
The exporter-heavy DAX fell as much as 24% following its previous record in January 2018, plagued by Brexit uncertainties, a stalled German economy and worries over global trade which led to a number of profit warnings from bellwethers including BASF SE and Daimler AG, before the index began its ascent last year.
Among the top gainers on the German gauge over the past 12 months feature aircraft engine maker MTU Aero Engines, utility RWE AG, sporting-goods maker Adidas AG and software giant SAP SE.
The upside for the DAX could be limited this year, however, with equity strategists seeing the index at 13,628 points by end-2020, or less than 1% from current levels, according to a Bloomberg poll published on Friday.
To contact the reporter on this story: Jan-Patrick Barnert in Frankfurt at jbarnert3@bloomberg.net
To contact the editors responsible for this story: Beth Mellor at bmellor@bloomberg.net, Namitha Jagadeesh
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