The DAX 40 climbed 0.9% on Friday, breaking above the 25,800 level to notch a fresh record high and extend its winning streak to a fourth consecutive session. Sentiment stayed upbeat, underpinned by waning expectations of further monetary tightening, optimism surrounding the German reform package, and hopes for a potential resolution to the conflict in the Middle East.
Utilities, technology, autos, banks, and industrials led the advance. E.ON gained 4.2%, and Siemens rose 2.6% after Kepler Cheuvreux upgraded both stocks to “Hold” from “Reduce.” GEA added 1.9% following an upgrade from RBC to “Outperform” from “Sector Perform.”
On the downside, Rheinmetall slipped 2.3% after the defense contractor evaluated the repercussions of the German government’s decision to cancel the F126 frigate project. The company cautioned that the resulting revenue shortfall could reach up to €300 million this year unless offsetting measures are introduced.
Over the week, the index advanced 4.7%.