Dax Breaks 24,000 as Banking Fears Recede; Construction Index Hits Two-Year High
The German stock market started Monday on a positive note, with the Dax index breaking above the 24,000 mark, boosted by a strong showing in Asian markets and a rebound from recent banking crisis fears. Meanwhile, the construction climate index hit a two-year high, and Thyssenkrupp Marine Systems (TKMS) made its debut on the Frankfurt Stock Exchange.
The Dax rose by 1.1 percent at the opening bell, driven by gains in Asian markets. The Japanese Nikkei index surged by 2.9 percent, while the Shanghai Composite index added 0.9 percent. This positive momentum helped the Dax recover from Friday's 1.8 percent drop, which was sparked by concerns about a potential banking crisis. Those fears, however, proved to be short-lived.
In other news, the construction climate index in Germany reached a two-year high. This positive signal for the construction sector comes as the producer price index fell by 1.7 percent in September, more than initially expected. Additionally, China's GDP growth slowed to 4.8 percent in the third quarter from 5.2 percent in the second quarter.
Thyssenkrupp Marine Systems (TKMS), a major submarine manufacturer, debuted on the Frankfurt Stock Exchange today. The company, a spin-off from ThyssenKrupp, operates in the shipbuilding and defense industry.
The Dax's move above its 50- and 100-day moving averages is seen as a positive sign for its future trajectory. Meanwhile, the construction sector in Germany appears poised for growth, and TKMS's stock market debut could signal further expansion in the shipbuilding and defense industry.
