The Dax continues to approach the record high on Friday thanks to good news from the United States. In early Xetra trading, the benchmark index rose by 0.32 percent to 16,215.70 points. This means that the Dax is only 75 points or just under half a percent short of the record high of a good 16,290 points set in autumn 2021. Traders justified the positive mood in the morning with the hope of an early end to the dispute over the debt ceiling in the United States.
The MDax of medium-sized companies rose by 0.43 percent to 27,733.01 points in the morning. The Eurozone benchmark index Euro Stoxx 50 gained 0.4 percent.
Already on Thursday, the Dax had risen sharply because of hopes for a solution to the US debt dispute. It had closed above the 2022,16 point mark for the first time since the beginning of 000. Due to the Russian war of aggression on Ukraine and the turnaround in interest rates, the German benchmark index temporarily crashed to less than 12,000 points at the end of September last year before a rapid recovery began.
In the United States, the White House sees "steady progress" in negotiations to raise the debt ceiling. U.S. President Joe Biden remains confident that a default by the U.S. government can be avoided. Biden's opponent in the negotiations, Republican House Speaker Kevin McCarthy, was also optimistic.
Among the individual stocks, analyst comments in particular caused movement. Commerzbank shares, for example, fell to the bottom of the Dax by 1.1 percent. Bank of America had downgraded the papers to "underperform".
Among the smaller stocks, 1&1 benefited from a new buy recommendation from Deutsche Bank with a premium of 4.3 percent. Telefónica Deutschland, on the other hand, lost 2 percent, where Deutsche Bank had cancelled the buy vote. A buy recommendation from Bank Jefferies for the shares of carbon producer SGL Carbon gave the share a plus of 3 percent.