On Thursday the German stock market will be driven to new heights by price fantasies.
The DAX opened the day with a gain of 1.2 percent at 17,326.76 points. The stock market barometer is currently up 1.55 percent to 17,382.73 points.
With the daily high of 17,386.53 points, the DAX reached a new record high.
NVIDIA and AI hype provide tailwind
The boom in artificial intelligence (AI) affected not only NVIDIA but also the DAX on Thursday. The leading German index is heading for new heights on Thursday after the US chip company presented strong figures again after the New York stock market closed.
“This is likely to further fuel market optimism regarding the AI boom,” wrote Commerzbank experts this morning. For investors, this is one more reason to continue investing in stocks – despite indices at record highs.
Fed minutes: No rapid interest rate cuts in sight
The focus overnight was also on the minutes of the US Federal Reserve’s most recent interest rate meeting. The US monetary authorities were cautious about cutting key interest rates. Most members of the Monetary Policy Committee warned of the danger of cutting interest rates too quickly. However, UBS experts suspected this morning that the minutes may not fully reflect the central bank’s latest thinking. They continue to believe that the Fed is ready to cut interest rates in 2024.
Balance sheet season in full swing
For German companies, the focus on Thursday will be, among other things, the figures from Mercedes-Benz. Delivery problems for important models and a difficult environment caused the carmaker’s profits to shrink last year. The software group SAP wants to increase its dividend for 2023 thanks to a robust balance sheet.
Editorial team finanzen.net / dpa-AFX / Reuters