DAX surpasses 20,000 points amid global market gains

MG News | December 03, 2024 at 04:20 PM GMT+05:00

0:00

December 03, 2024 (MLN): Germany's blue-chip DAX stock index jumped above 20,000 points for the first time on Tuesday, following gains on US and Asian markets, as APP reported.

This milestone comes despite ongoing challenges faced by Europe’s largest economy.

The index, which groups the 40 largest publicly-traded German companies, reached 20,022 points at around 0900 GMT.

The German economy, battered by a manufacturing slowdown and weak demand for its exports, has been struggling in 2024 and is on course to contract for a second straight year.

However, the DAX has nevertheless surged ahead, rising more than 19% in the past year.

This is in part because the index is not domestically focused, with "84% of the turnover of DAX companies generated abroad," Ulrich Stephan, head of investment strategy at Deutsche Bank, said recently.

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