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Germany’s DAX peaks above 13,000 points for first time ever

October 12
21:06 2017

MILAN (Reuters) – Germany’s benchmark DAX index (.GDAXI) hit a fresh record high on Thursday topping above 13,000 points for the first time in its 30-year history, helped by a pullback in the euro and optimism about global economic growth.

“The DAX’s rally could accelerate in the event the euro eases back from current levels, as this would boost the appeal of German exporters,” said FOREX.com analyst Fawad Razaqzada.

“Favourable market conditions, relief on the back of a reduced threat of Catalonian secession from Spain and record low interest rates and QE combined has helped to lift the DAX to a new record level today,” he added.

The export-oriented blue chip index, where big global companies such as carmaker Volkswagen (VOWG_p.DE), Deutsche Bank (DBKGn.DE) and IT firm SAP (SAPG.DE) are listed, was up 0.1 percent by 1445 GMT. It rose as much as 0.2 percent to 13,002.34 points earlier in the session.

(Reporting by Danilo Masoni, Editing by Helen Reid)

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