Germany’s blue-chip DAX 30 index pushed on with its record-breaking streak this morning, opening above 14,000 points on growing expectations there will be a strong stimulus plan in the US.
The DAX index yesterday topped the psychological barrier of 14,000 points for the first time, the latest in a series of records set in recent weeks.
Today’s gains came after data showed both German industrial output and exports rose more than expected in November, adding to signs that the manufacturing sector gave impetus to Europe’s largest economy in the fourth quarter.
Industrial output in Germany was up by 0.9% on the month and exports rose by 2.2%, figures released by the Federal Statistics Office today showed.
It was the seventh month in a row that both readings rose, following a lockdown in March and April to contain a first wave of the coronavirus pandemic that sparked an economic crisis expected to push Germany into its worst recession since World War Two.
A breakdown of the output data showed that manufacturing and construction compensated for a drop in energy output, which fell by almost 4%.
Imports surged by 4.4%, which resulted in both the current account and trade balance shrinking from the previous month.
Germany imposed another lockdown in November that was toughened and extended this month as it struggles to contain the second wave of infections, with restaurants, cinemas, fitness studios, and all other non-essential businesses being forced to close.
The Frankfurt DAX index yesterday topped the psychological barrier of 14,000 points for the first time.
Hopes for a successful coronavirus vaccination campaign pushed up other stock markets as well.
As hope spreads that new vaccines will help the world put the coronavirus in the rearview mirror, Germany’s leading DAX index reached a new high of just over 14,000 points.
Indices for small- and medium-sized German companies also gained ground to set new records.
In 2020, the DAX made an annual increase of 3.5%, despite fear surrounding the coronavirus pandemic. The index reached a record high of 13.818 points in December 2020.
The DAX first crossed the 13,000-point milestone in 2017.
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