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The DAX 40 in Frankfurt overturned initial downtrends, escalating by 0.14% to hit a record peak of 17,868 points. The European Central Bank’s choice to keep interest rates at unprecedented highs and significant decline in impending inflation predictions stimulated possibilities of a near-term rate reduction, potentially by June.
On the flip side, Hugo Boss individual shares plummeted 11%, making it the lowest-ranked on the index after the German fashion company projected an underwhelming operating profit for 2024. Simultaneously, auto parts supplier Continental signaled escalating costs and a stagnant car market for 2024. Merck is expecting a modest operating earnings increase this year, while Lufthansa’s operating profit reached €2.7 billion for 2023 as predicted, forecasting that 2024 will yield similar returns. Finally, German industrial orders dipped by a whopping 11.3% in January after a 12% boost in December, surpassing the anticipated 6% decrease.
Optimism pervaded Europe as the STOXX 50 surged over 1%, soaring to a pinnacle not seen in more than 23 years at 4,980 points. Concurrently, the broader STOXX 600 ascended by over 1%, breaching the 500 threshold for the inaugural time.
(Germany DAX Index Yearly Chart)
(STOXX 50 Index Yearly Chart)
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