Dax aktuell: Dax steht vor neuem Rekord – Drei wichtige Treiber für den deutschen Leitindex

The German stock market, as represented by the Dax index, has recently seen a remarkable surge, nearing a new record high. The primary drivers behind this upward trend include declining energy prices, the outcome of the US Midterms, and changes in bond yields. The index currently sits at 26,600 points, just above the previously highest mark of 26,618.74.

Lowering oil and gas prices have played a significant role in the Dax's recent gains. Brent crude oil prices, which briefly reached a peak of $115 per barrel in early October, have fallen by about 20% this week, settling around $95 per barrel. WTI oil prices have also seen substantial reductions. A similar trend is observed in gas prices, with the TTF contract for European gas rising above 100 euros per megawatt-hour for the first time since Russia's invasion of Ukraine in 2022.

The US Midterms have resulted in a Democratic majority in both the Senate and the House of Representatives. This outcome has been widely anticipated and has been viewed favorably by the markets, with major US indices gaining value. The Republican defeat is largely attributed to rising living costs, largely driven by the Iran conflict.

Congressional Democrats may introduce stricter regulations regarding artificial intelligence (AI), which could potentially slow down the rapid expansion of AI computing centers. Consequently, this shift in investor sentiment has benefited cyclical sectors, contributing to the Dax's upward momentum.

Moreover, declining bond yields have also supported the Dax's rally. As energy prices fall, inflationary pressures increase, prompting central banks in the Eurozone and the US to raise interest rates. The European Central Bank and the Federal Reserve are expected to raise rates further by the end of the year. Lower bond yields make German government bonds less attractive compared to equities, while also reducing the cost of borrowing for businesses.