DAX Flirts with New Highs, but Barely Budges
The German DAX index remained within striking distance of its all-time high at the beginning of the week, mostly holding its ground after a impressive November rally in the US. The DAX closed the day 0.04% higher at 16,404.76 points, having reached within 73 points of its record high of 16,528.97 points, set at the end of July.
Initially, the MDax, an index of medium-sized companies, saw a noteworthy surge in early trading, reaching its highest level since mid-September. However, it ultimately succumbed to a 0.46% decline, closing at 26,370.25 points.
The US markets took a break after their impressive rally, offering no boost to investors. Additionally, economic data in the US, including incoming orders in industry, fell more substantially than anticipated in October.
Interesting Facts:
- Small Cap SDAX: Despite the DAX's record high, the SDAX, focusing on small and midcap companies, experienced a 0.46% decline, closing at 11,826.67 points.
- Eurostoxx 50: The Eurostoxx 50, representing 50 blue-chip stocks in Europe, showed minor movement, staying almost unchanged.
- MDAX Revival: The German MDAX index of medium-sized companies commenced trading at its highest level since mid-September; unfortunately, it failed to sustain this momentum, closing below its opening price.
- European Markets: Several European markets struggled to keep pace with the DAX's record high, with indices facing challenges of their own.
European Market Summary:
- Euro Stoxx 600: Remained almost unchanged at 544.56 points.
- French CAC 40: Stabilized at 8,002.06 points.
- German DAX: Achieved a new record high of 22,003.91 points on Tuesday but closed at 22,433.63 points, marking a 1.80% decrease.
- British FTSE 100: Slightly dipped by 0.10% to 8,718.18 points.
- Italian FTSE MIB: Fell by 0.20% to 37,046.35 points.
- Spanish IBEX 35: Decreased by approximately 0.26% to 12,696.90 points.
While the DAX experienced a substantial decline from its record high, other European stock indices exhibited more stable or slightly negative trends. The DAX's largest one-day point and percentage decline since November 12, 2024, was registered during this period[2].
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