Dax breaks through 27,000 points for the first time as falling oil prices lift stocks

First time above 27,000 points

The Dax passed the 27,000-point level for the first time in its history on Thursday, 12 November 2026, reaching an intraday high of 27,001.67 points, up 1.3%. Early in trading it had already climbed 1.2% to 26,998.32 points, just short of the mark. The index had set its previous record of 26,644.33 points in the week of 2 November 2026. Berliner Zeitung dated the breakthrough to Wednesday, while most other reports place it on Thursday.

Previous record (week of 2 November 2026)26,644.33

Start of trading, 12 November 202626,998.32

Intraday high, 12 November 202627,001.67

Previous record (week of 2 November 2026)

26644.33 points

Start of trading, 12 November 2026

26998.32 points

Intraday high, 12 November 2026

27001.67 points

Data from the article text

Timo Emden of the broker Captrader said investors were clearly caught up in renewed enthusiasm.

“Investors have evidently caught summit fever again.”

Jochen Stanzl of Consorsbank described a brighter environment for the index and wrote that the year-end rally was under way.

“The year-end rally is on.”

Oil prices and peace hopes

Market participants credited falling oil prices as a main driver of the rally. Brent crude has lost about 21% since the start of November and was trading near 90 dollars. Investors are betting on an early end to the Iran war, which has run since the end of February, although no concrete progress toward a peace deal is known so far. Rising OPEC+ crude output and growing US inventories have also eased fears of a supply shortage. Andreas Lipkow of CMC Markets said cheaper oil relieves companies, boosts consumers' purchasing power and reduces worries about a fresh inflation surge.

Siemens and the company results

Company results were the other pillar of the rally, and Siemens stood out among the index heavyweights. Its shares rose as much as 5.2% at the peak and were up around 5% in early trading, after what the group called a record year. Siemens partly exited its medical technology subsidiary Siemens Healthineers and now expects revenue to grow 7 to 11% over the medium term, with adjusted earnings per share rising by more than 10%. Earlier targets were revenue growth of 6 to 9% and earnings growth below 10%. For fiscal 2026/27, which ends at the end of September, Siemens forecasts revenue growth of 9 to 11% and earnings per share of 10.20 to 10.80 euros. The MDax gained 0.1% to 31,109 points, while the Euro Stoxx 50 rose 0.3%.

Tech stocks, rate bets and gold

Concerns about heavy spending on artificial intelligence receded for now. The Democratic victory in the US midterm elections in the week of 2 November had raised fears of tighter AI regulation and pushed technology stocks lower around the globe. Those fears have eased somewhat. Gold fell 1.4% to about 3,930 dollars an ounce, as bets on Federal Reserve rate hikes reduced its appeal after higher-than-expected US consumer prices revived expectations of a more aggressive tightening. ANZ Research analysts said further strong economic data suggest the Fed could act in December with a 50 basis point move.

Yen and Fresenius

The dollar edged up to 159.70 yen, close to the 160 mark. Japan's top currency diplomat, Atsushi Mimura, warned market participants that recent exchange rate moves had been excessively fast. In his first comments on the currency markets since the end of September, he said it was still too early to forget what happened this summer.

“It is still too early to forget what happened this summer.”

He was referring to yen-buying support from Japan between late July and early August, including an intervention carried out jointly with the United States. Separately, Fresenius is steadily reducing its stake in its former dialysis subsidiary Fresenius Medical Care (FMC). The group plans to place 13.4 million FMC shares with institutional investors, lowering its holding from 25% to about 20%. At Wednesday's Xetra close of 40.81 euros per share, the package is worth about 547 million euros, though such sales are usually priced at a discount of 3 to 7%. Fresenius sold FMC shares worth 300 million euros in August and regards FMC only as a financial investment.