DAX Nears New Highs as Investors Rotate Back Into Growth

DAX Market Brief — Tuesday, 10 November 2026

The DAX continues its recovery and is trading at 26,554 points on Tuesday morning, up 120 points or 0.45%. After opening at 26,463.80 and reaching an intraday high of 26,626, the index remains close to recent highs following Monday’s 1.73% rally to 26,267.19 points.

The recovery is broad-based. The Euro Stoxx 50 is up 0.38% to 6,361 points, the Stoxx Europe 600 gains 0.71% to 661.17 points, the CAC 40 rises 1.08% to 8,322.61 points, and the FTSE 100 adds 0.45% to 10,831.25 points. This suggests that risk appetite is not confined to a handful of technology stocks but is spreading across the broader European market.

DAX: Technicals and German Economic Data

Source: TradingView, DAX 2-Hour Chart

Technically, the DAX remains in a constructive uptrend. The index has clearly reclaimed the 26,000 level, established support above 26,400 points, and is now targeting the intraday high at 26,626 points.

• Immediate support: 26,463.80, today’s opening level.
• Key support: 26,383, today’s intraday low.
• Psychological level: 26,500.
• Immediate resistance: 26,626, today’s session high.
• Next target: The DAX record high, should a breakout above 26,626 be confirmed.

Germany’s macro backdrop is becoming increasingly supportive. Industrial production rose 0.7% month-on-month in September, significantly ahead of expectations for no growth.

Automotive production was particularly strong, increasing 17.1%, while pharmaceutical manufacturing climbed 8.0%.

However, the picture remains selective. Construction output fell 2.6%, while machinery and equipment production declined 6.5%. This suggests that the recovery is real, but has not yet spread evenly across all industrial sectors.

Global Markets: Asia and the U.S. Set the Tone

Global markets have stabilised significantly following last week’s AI-driven correction.

Asia’s MSCI index rose 1.5%, Japan’s Nikkei closed 2.87% higher at 60,459.58, and South Korea’s KOSPI advanced 4%.

The recovery was even stronger in the United States.

• The S&P 500 gained 2.35% to 7,549.94.
• The Nasdaq rose 2.74%.
• The Dow Jones climbed 2.15% to 52,389.75.

All eleven sectors of the S&P 500 finished in positive territory.

The Philadelphia Semiconductor Index surged 6.9% after falling 12% last week.

Among chipmakers:

• AMD gained 13.3%.
• Broadcom rose 8.8%.

These moves indicate that investors are willing to return to semiconductor stocks once valuations become more attractive.

The decline in oil prices has been a major driver behind this recovery.

Brent crude dropped 5.85% to $92.57 per barrel and was last trading around $91.45-$91.56, its lowest level since early September.

Lower oil prices help ease inflation concerns and improve the margin outlook for European companies.

Corporate News: Banks and Semiconductors Lead

The strongest DAX performers on Monday were Infineon, Siemens Energy, Commerzbank, and Rheinmetall.

Stock	Move	Reason
Infineon	+6.3%	Semiconductor stocks benefited from the global sector rebound
Siemens Energy	+5.1%	Energy infrastructure and AI-related industrial names recovered strongly
Commerzbank	+4.0%	UniCredit raised targets and earnings expectations, supporting the banking rally
SAP	+2.1%	JPMorgan upgraded the stock to Overweight and lifted its target price to €275
Rheinmetall	+3.75%	Strong rebound following last week's losses
Siemens Healthineers	-3.2%	Healthcare lagged despite the broader market recovery
Fresenius Medical Care	-2.7%	Continued weakness despite defensive qualities
Hochtief	-4.0%	ACS denied takeover speculation, weighing on the shares

The strength in banks remains particularly important.

Commerzbank benefited after UniCredit raised profit expectations ahead of its planned acquisition efforts. This demonstrates that investors remain willing to re-rate European financial stocks as long as fundamentals remain supportive.

The outlook for SAP also remains constructive.

The shares rose 2.1% to €215.15 following JPMorgan’s upgrade.

The new €275 price target implies approximately 30% upside potential, reinforcing the view that institutional investors continue to view SAP’s cloud and AI exposure favourably.

Outlook: U.S. Inflation and European Earnings

Today’s key macro event is the U.S. inflation report.

October CPI is expected to rise 0.3% month-on-month, following a 0.6% increase in September.

Markets are currently pricing in an 84% probability of a Federal Reserve rate hike in December.

For European equities, this creates a two-sided risk:

• Softer inflation could support expectations of a less aggressive Fed and improve valuations for growth stocks.
• Stronger inflation could reapply pressure to technology and semiconductor names.

In Europe, investors will also focus on earnings from:

• Infineon
• Vodafone
• Alcon
• Henkel
• Recordati

These results will help determine whether the market’s recovery is driven by improving fundamentals or remains primarily dependent on macroeconomic developments.

Other Earnings to Watch

• British American Tobacco
• Petroleo Brasileiro
• Alcon
• CoreWeave
• Uniper SE
• Aegon
• Shiseido
• Deutsche Wohnen
• Rigetti
• D-Wave Quantum
• Wix.com
• K+S AG

Bottom Line

The DAX remains in a strong recovery phase.

The 26,000 level has been reclaimed, German industrial demand is showing early signs of stabilisation, and global risk appetite is improving, supported by lower oil prices and a sharp rebound in technology stocks.

The strategic message remains: quality and cyclical stocks are currently favored, while maintaining selective exposure to AI themes, and use 26,626 as the next key confirmation level. As long as the DAX holds above 26,383, the recovery appears to remains in control.

Trade safely.

Philip J Papageorgiou - Head of Investment Research

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