DAX at record high - investors trust German growth story

The hope for peace in the Middle East and good business prospects for German companies convince many investors. Some analysts see this as breeding ground for a year-end rally in the DAX.

Market report DAX record over 27,000 points Investors trust German growth story As of: November 12, 2026 • 2:29 p.m

The hope for peace in the Middle East and good business prospects for German companies convince many investors. Some analysts see this as breeding ground for a year-end rally in the DAX.

The DAX exceeds 27,000 points for the first time - that's the topic of conversation on the stock market today. Although the German leading index slipped slightly below its morning record of 27,001 points at midday, it remained at a high level.

Investors are increasingly taking action because some worries have diminished, it is said: Hopes for peace between the USA and Iran and thus for oil prices to tend to fall have increased.

At the same time, fears of an abrupt end to the AI euphoria have diminished. They flared up after the Democrats' landslide victory in the US congressional elections. The Democrats - unlike Republican US President Donald Trump - are in favor of more regulation of artificial intelligence.

This could affect the construction of the necessary data centers, which are criticized not least because of their negative impact on water and electricity consumption. But that seems to have been pushed into the background for the time being.

The AI boom is being financed more through debt - tech companies are raising billions on the bond market. more

Above all, the current balance sheet season is having a positive impact. Numerous German companies have presented excellent business figures.

The DAX heavyweight Siemens, for example, had a record financial year and exceeded analysts' forecasts. Sales and operating profits increased and incoming orders rose above the 100 billion euro mark. You are benefiting from the AI hype, the construction of data centers worldwide and see yourself continuing to grow. The shares gained up to five percent, then fell slightly by midday.

Things are also going well in the DAX for the insurer Allianz and the pharmaceutical and technology group Merck. The energy companies Siemens Energy, Eon and RWE, among others, had previously presented good results. This has boosted investors and thus prices. And catapulted the DAX to record highs.

Analyst Thomas Altmann from QC Partners sees another argument for stocks from the German leading index: "With the increasing fluctuations and volatilities in the AI sector, many investors have come back to the DAX in search of value stocks. We can see this in the fact that the performance of the DAX is now as strong as that of the Nasdaq 100, just with significantly lower fluctuations."

Economy update from November 12th, 2026 Melanie Böff, HR, Economy update, Tagesschau24, November 12th, 2026 • 9:00 a.m. World economy proves resilience Edgar Walk from Metzler Asset Management also refers to the “surprisingly resilient global economy” this year: “I believe that for German companies, which are very export-oriented, what is happening in the world is much more important than in Germany.”

The United States is currently experiencing one of the largest investment booms in economic history. “The AI investment boom and the USA import a lot to build the data centers. Asia benefits from this, Europe also benefits from this,” says Walk.

This topic in the program: tagesschau.de | Interim stock market status at midday | 11/12/2026 | 12:43 p.m