DAX Near Record Levels as Earnings Strength Supports Bulls

DAX Market Brief — Wednesday, November 11, 2026

The DAX is trading at  26,495.30 points on Wednesday morning , virtually unchanged from the previous day's closing price of  26,517 points . The index opened at  26,538.80 , rose briefly to  26,656 points  , and then consolidated slightly. It thus remains just below its recent record high of  26,692.90 points .

DAX: Technology and the German economy

Technically, the DAX remains in a bullish uptrend. The 26,000 mark has now been clearly surpassed, and the index is consolidating in the range of  26,495 to 26,656 points .

• Immediate support:  26,495.30 points, today's intraday low.
• Second support level:  26,517 points, the previous day's closing price.
• Immediate resistance:  26,656 points, today's high.
• Next resistance level:  26,706 points, the recent record high.
• Confirmation level:  A sustained close above 26,706 would confirm a new record high.

The recovery is being driven by a robust earnings season. Around 60 percent of companies in the Stoxx Europe 600 have already released their figures; profit growth in the third quarter is around  25 percent compared to the previous year . More than a third of companies have raised their outlook, while only 11 percent have lowered it.

For the DAX, it is particularly interesting that industrial production   rose  by 0.7 percent in September. Automobile production increased by 17.1 percent  , while pharmaceutical manufacturing   rose  by 8.0 percent . At the same time, mechanical engineering remained weak at -6.5 percent  and construction at  -2.6 percent  .

This means that German industry is recovering, but not uniformly. Automotive and pharmaceuticals are the clear winners, while capital-intensive sectors such as mechanical engineering and construction remain under pressure.

Company news: Siemens Energy leads the DAX

Siemens Energy was the clear winner in the DAX today. The share price rose by  8.1 percent after the company announced a significantly higher dividend for fiscal year 2026:  €2.30 per share , compared to €0.70 previously  . The company also plans further share buybacks until the end of fiscal year 2030.

share	Movement	Reason
Siemens Energy	+6,9%	Higher dividends and share buybacks support the valuation.
Infineon	+6,2%	Strong quarterly figures and an optimistic outlook for 2027.
Aixtron	+5,2%	Benefiting from the recovery in the semiconductor sector.
Süss MicroTec	+5,2%	Also benefiting from the semiconductor rally.
SAP	-1,1%	Slight profit-taking after the strong rise of the previous week.
Symrise	-1,6%	Weakness in the defensive consumer sector.

Infineon is the most important semiconductor case. The company closed fiscal year 2026 with a record quarter: Revenue rose by  13 percent to €4.706 billion in the fourth quarter , while net income increased by  26 percent to €532 million  . For 2027, Infineon expects revenue growth of more than  20 percent and a five percentage point improvement in profitability.

This is a strong signal for the entire European semiconductor sector. Demand for AI infrastructure, data centers, and energy efficiency remains intact, even if valuations remain volatile in the short term.

International earnings season: What matters this week

The coming days will be crucial in determining whether the recovery is sustainable. Several large international companies are facing important earnings reports.

Pursue	Reporting date	Why it's important
Cisco	Thursday, November 12	Q1 of fiscal year 2027; the market expects a revenue increase of  22 percent to $18.16 billion  and adjusted EPS of  $1.32 .
Applied Materials	Thursday, November 12	Q4 and full year 2026; the market expects an EPS of  $4.06 .
Nebius	Thursday, November 12	Q3 results; analysts expect a revenue increase of  521 percent to $907 million .
Siemens Energy	Wednesday, November 11	Q4 figures; the market expects revenue of  €12.61 billion  and EPS of  €1.39 .
Siemens	Thursday, November 12	Q4 figures; relevant for industrial demand in Europe.
Allianz	Thursday, November 12	Q3 figures; important for assessing the European insurance sector.

Trade Smart.

Philip J Papageorgiou - Head of Investment Research

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