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Germany's DAX benchmark stock exchange reaches record high

June 16, 2023


Abstract : Germany's DAX stock exchange rose to 16,332.16 points, a new record high, surpassing its earlier record in May, ahead of rate decisions expected later on Wednesday.

Germany's DAX stock exchange rose to 16,332.16 points, a new record high, surpassing its earlier record in May, ahead of rate decisions expected later on Wednesday.

Investors are expecting a pause in rate hikes, ahead of an announcement by the Federal Reserve on the key US interest rate.

Market observers predict a change after 10 consecutive rate hikes.

"Inflation in the US continues to cool, clearing the way for the first pause after 15 months of a rate hike cycle by the Federal Reserve," said Konstantin Oldenburger of broker CMC Markets.

The prospect of easing monetary policy in the coming months is still driving the German benchmark index upwards, also ahead of a meeting by the European Central Bank, Oldenburger added.

The benchmark DAX index hit 16,332.67 points in the late morning and was last trading 0.6 percent higher at 16,327.72 points.

Meanwhile the MDAX which lists medium-sized companies rose by 0.4% to 27,591.32 points.

Among the recent rises, shares of German luxury carmaker Porsche benefited from a buy recommendation by Berenberg private bank, climbing to their highest level in more than three months.

Shares of the Volkswagen group holding company rose 2.1% recently.

German steel company Thyssenkrupp's shares rose by 2.2%, after the German Economy Ministry said after the close of Tuesday's trading that billion-euro state aid proceedings for a more climate-friendly steel producer were making progress, though traders did not see the news as a real price driver.

Travel group Tui Deutschland was also benefiting from strong demand, with its shares rising by 2.8%.

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