At the opening of Wednesday’s session, the DAX gained 0.07 percent to 17,569.61 points, marking a new all-time high. The highest level is now at 17,605.29 units. Ultimately it went up by 025 percent to 17,601.22 points. The leading index has never closed this high before.
The stock market barometer thus continued its record rally for the fifth day in a row. It helped to some extent in the middle of the week that the US leading index Dow Jones was able to reduce its losses somewhat the evening before after the European stock market closed.
DAX – The bears are out in the cold
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Next level: 18,000 point mark
“The stock market continues to push investors who are betting on a correction,” said market analyst Konstantin Oldenburger from broker CMC Markets. Only 2.5 percent separate the German leading index from the 18,000 points that the expert describes as the next target.
Economic data in focus
Before eagerly awaited inflation signals from Europe and the USA are published on Thursday, the revised figures for US gross domestic product (GDP) in the fourth quarter were in view on Wednesday. Annualized gross domestic product climbed by 3.2 (preliminary 3.3) percent; economists had expected GDP growth of 3.3 percent. The core rate of the deflator of personal consumption expenditure (PCE), favored by the US Federal Reserve as a measure of inflation, rose by 2.1 (preliminary 2.0) percent. This means that arguments for and against imminent interest rate cuts are practically eliminated.
The PCE deflator expected on Thursday is considered one of the most important inflation indicators that the US Federal Reserve also pays attention to. If it turns out to be higher than expected, in line with the recent stronger US economic data, hopes of interest rate cuts could be pushed back even further. Market participants are also keeping an eye on various speeches by US central bankers.
Editorial team finanzen.net / dpa-AFX / Dow Jones Newswires
Image source: Julian Mezger for Finanz Verlag, Aleksandra Gigowska / Shutterstock.com, Maksim Kabakou / Shutterstock.com