German DAX index hits a new record high
The German DAX index reached an unprecedented level on Thursday morning, driven by market optimism following the US midterm elections.
The leading German stock market index, DAX, set a new record on Thursday, climbing to 26,644 points and surpassing its previous peak of 26,619 points recorded last August.
This market momentum is largely attributed to the results of the US midterm elections. According to media reports, the Democratic victory has fostered optimism, as investors view the balance of power as a factor that reduces political unpredictability, thereby boosting market confidence.
Additionally, falling oil prices and positive corporate reports supported the DAX index. Conversely, shares of defense company Rheinmetall fell by approximately 17 percent after the firm lowered its financial outlook, placing it at the bottom of the index's performance list.