Germany's DAX stock index reached a new all-time high in early July 2025, rising more than 1% to 24,497 points. The index continued its upward momentum in mid-July, with gains around 0.55% to 0.9%, supported by positive economic indicators. Germany's ZEW Economic Sentiment for July rose to 52.7, surpassing estimates of 50.4 and marking the highest level since February 2022. The ZEW Current Conditions index also improved significantly to -59.5 from -72.0, beating the forecast of -66.0. Meanwhile, in the United States, the July Empire State Manufacturing Index rose to 5.5, well above expectations and the highest since February 2025, reflecting improvements in new orders, shipments, average workweek, and employment. Despite the strong stock market performance and economic sentiment, Germany fell to sixth place in the World Bank's purchasing power parity (PPP) rankings, with Russia ranking higher.