Germany Tagesschau
Market report: The DAX rally is running out of steam
On the third day, the DAX rally falters. The quarterly figures were mostly positive, but investors expect more for the level of valuations. In addition, there are unsatisfactory developments in oil and so on
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No new record high yet The DAX rally is running out of steam As of: November 11, 2026 • 1:40 p.m
On the third day, the DAX rally falters. The quarterly figures were mostly positive, but investors expect more for the level of valuations. In addition, there are unsatisfactory developments in oil and inflation.
The upward trend in the DAX is gradually waning. The all-time high was at times within reach - but there is a lack of new impulses and motivation. And so the leading German index gained 0.7 percent to around 26,540 points at midday. The previous record high is 26,692 points. The DAX reached it last Thursday.
There is some good news in the middle of the week. The new quarterly figures, which came particularly from Germany and Europe, were quite positive: The utilities RWE and E.On confirmed that they are on track for their annual targets. Both had previously reported increases in profits for the first nine months.
As an energy technology manufacturer, Siemens Energy primarily has its shareholders in mind: after a massive jump in profits, it triples its dividend and buys back its own shares.
The hype surrounding artificial intelligence, e-mobility and digitalization is giving Siemens Energy a record year. more
But there are also important things to weigh on the negative side. On the one hand: oil prices are rising again and peace in Iran is not in sight. The high energy prices continue to have an impact on companies and consumers.
In addition: Inflation in Germany is only kept under control by the fuel discount. In October, goods and services became 2.8 percent more expensive. After the rise in inflation in the USA reported on Tuesday, interest rate hikes are now becoming increasingly likely - both in the euro area and in the United States. And this strengthening expectation is further slowing the stock rally.
The fuel discount is having an impact and is reducing inflation. But energy remains expensive - especially heating oil. more
Finally: AI stocks are recovering after the decline following the US midterm elections. However, it remains unclear what will happen in terms of regulation in the USA with the Democratic majority in Congress.
Strategists rate it positively that the AI company Anthropic, developer of the chatbot Claude, would like to go through with its IPO in this environment. It should be ready next week, albeit with less lavish valuations than expected a few weeks ago, explains Jochen Stanzl from ConsorsBank.
"The search for investors is going surprisingly well given the recent uncertainties in AI stocks, and a valuation of $1.4 trillion or more shows that the feared end to investors' appetite for AI has not come to pass," said Stanzl.
Economy eight ago from November 10th, 2026 Anja Kohl, HR, Das Erste, November 10th, 2026 • 7:55 p.m. But almost three weeks ago the DAX was still a good 1,500 points lower. A lot has happened in the meantime with “AI noise” and “AI hangover” - but the bar is nevertheless high. And with the fear of the height of the fall on their minds, investors are choosing more precisely where they invest, especially when it comes to stocks related to artificial intelligence.
This topic in the program: tagesschau.de | Interim results at midday with DAX | 11/11/26 | 12:33 p.m