DAX Reaches 27,000 While Markets Watch Anthropic IPO

DAX Market Brief — Thursday, November 12, 2026

The DAX opened the trading day significantly higher and was trading at 26,939 points at 12:02 EET , a gain of 179 points or 0.67 percent . After opening at 26,653.10 and reaching an intraday high of 27,017 , the index has already surpassed the 27,000 mark intraday – a strong signal of continued risk appetite.

The mood across Europe is also broadly positive. The Stoxx Europe 600 is up 0.51 percent at 666.44 points , the CAC 40 gains 0.70 percent to 8,391.30 points , the FTSE 100 rises 0.36 percent to 10,874.41 points , and the Euro Stoxx 50 increases by 0.28 percent to 6,427.30 points .

DAX: Technical analysis and German trading calendar

Technically, the DAX is in a strong upward trend. The index has clearly surpassed the 26,000 mark and extended to 27,017 points before falling back slightly.

• Immediate support: 26,775.00 points, today's intraday low.
• Second support level: 26,508.00 points, yesterday's intraday low.
• Psychological score: 27,000 points.
• Immediate resistance: 27,017 points, today's high.
• Next resistance: The all-time high of the DAX, provided the breakout above 27,000 points is confirmed.

Today's German trade calendar includes the balance of payments for September and the LSEG/IPSOS consumer sentiment index for November . This data is relevant for assessing the state of German demand and could influence expectations for the European economy.

Company news: Siemens and Allianz in focus

Several important European corporate earnings reports are due today. Siemens and Allianz are the main events in the DAX, while Cisco and Applied Materials will be reporting in the US.

Pursue	Reporting date	Why it's important
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.
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 .
Enel	Thursday, November 12	Q3 figures; relevant for the European energy sector.
Brookfield	Thursday, November 12	Q3 figures; important for the evaluation of infrastructure and renewable energies.
Merck	Thursday, November 12	Q3 figures; relevant for the pharmaceutical and biotech sectors.
Now Holdings	Thursday, November 12	Q3 figures; important for assessing the Brazilian fintech market.

The results from Siemens and Allianz will show whether last week's recovery is fundamentally supported or whether the market continues to react to macroeconomic signals.

Anthropic IPO: The biggest catalyst of the week

Anthropic has launched its roadshow for its initial public offering (IPO). The company plans to offer 825 million shares at a price of $70 to $78 , which would give it a valuation of up to $1.4 trillion .

Detail	Information
Ticker	ON
Stock exchange	Nasdaq Global Select Market
number of shares	825 million
Price range	70 to 78 dollars
proceeds	Up to $64.4 billion
Evaluation	Up to $1.4 trillion
Trading begins	Expected November 19th
Private placement	$26 billion from strategic investors

Seven strategic partners, including Google, Nvidia, Microsoft, Broadcom and AMD , have committed to buying a total of $26 billion in non-voting shares.

The IPO is an important test of sentiment in the AI ​​sector. A successful placement would confirm demand for AI infrastructure, while a weak placement could increase pressure on highly valued growth stocks.

(Micro)Strategy: Index exclusion, not delisting

MicroStrategy (MSTR) will be removed from the MSCI indices, but not delisted from the Nasdaq . The decision was announced on November 11 and will take effect after the close of trading on November 30 .

Detail	Information
Pursue	Strategy (formerly MicroStrategy)
Ticker	MSTR
Stock exchange	Nasdaq
Decision	MSCI removes MSTR from global indices
Reason	Revised eligibility rules for companies with characteristics of a non-operating company.
effectiveness	After the close of trading on November 30th.
impact	Index funds must sell the stock, but the stock remains tradable.

The removal from the MSCI index is an important, but not an existential, setback. The stock remains traded on the Nasdaq, and the company's Bitcoin strategy remains unchanged.

Trade Smart,

Philip J Papageorgiou - Head of Investment Research

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