DAX Surges to 24,410 Points on Positive Market Trends and AI Tech Demand
The DAX surged to around 24,410 points by midday Thursday, boosted by positive market trends and analyst statements. Siemens Energy and Hochtief shares were particularly in demand, with Siemens Energy's key shareholders, including Siemens AG and UBS Asset Management, likely benefiting from the increase.
The rise in the DAX was driven by a risk-on sentiment among investors, who favored European equity markets over gold. This positive mood was further fueled by hopes of US interest rate cuts. Tech stocks, especially those involved in AI activities, led the market dynamics. Meanwhile, defensive sector stocks like Eon, RWE, and Merck were less sought after. Siemens and Infineon were among the winning stocks of the day. In the currency market, the euro strengthened against the US dollar, with one euro costing 1.1748 dollars and one dollar being worth 0.8512 euros.
The DAX's rise to around 24,410 points reflects investors' confidence in the stock market today, with Siemens Energy and Hochtief shares being particularly sought after. The positive market trends and analyst statements, along with hopes of US interest rate cuts, are driving this confidence. However, the demand for defensive sector stocks remains relatively low.
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