DAX Ends German Unity Day Slightly Down Despite Strong Weekly Gain
On German Unity Day, the DAX concluded the day with a slight dip of 0.2 percent, despite a strong weekly performance. European steel stocks, particularly Salzgitter and Thyssenkrupp, surged significantly. Throughout the week, the DAX demonstrated robust growth, climbing 2.7 percent, its strongest rise since early August. Key cyclical stocks such as BASF, Daimler Truck, Continental, and Mercedes-Benz contributed to this upward trend. On the final day, the DAX closed at 24,378 points. Notably, investors showed keen interest in specific sectors and companies. Chinese electric vehicle manufacturer BYD, AI and cloud computing leaders Oracle and Baidu, US pharmaceutical giants like Pfizer, and German steel producers Thyssenkrupp and Salzgitter experienced increased buying activity. This focus extended to sportswear companies Adidas, Nike, and Puma. Defensive stocks primarily drove trading, with cyclical stocks occasionally breaking through. Hochtief rose by 2.6 percent following a major US construction contract win. Meanwhile, Salzgitter reached its highest level since July 2023, soaring by 10.7 percent. Despite a slight downturn on German Unity Day, the DAX's weekly performance was robust. European steel stocks, particularly Salzgitter and Thyssenkrupp, led the gains. Investors' focus on specific sectors and companies, such as electric mobility, artificial intelligence, and pharmaceuticals, indicates a strategic approach to stock market conditions.
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