May 28, 05:38 AM

German DAX Sets 28th Record, Closes at 24,226.50 Points, MDAX at 30,740, Rheinmetall Peaks at 1,943 Euros

Germany's DAX index reached a new all-time high, closing at 24,226.50 points on Tuesday, up 0.83%. The index hit an intraday high of 24,301 points, marking its 28th record this year and an annual gain of about 22%. The rally was supported by optimism over US-EU trade negotiations, including the postponement of planned US tariffs on EU goods. The MDAX, which tracks medium-sized German companies, also climbed to its highest level since April 2022, rising 0.3% to 30,740 points. The pan-European Stoxx 600 closed at 552.32 points, up 0.33%. Technology stocks saw notable gains, with SAP shares up 1.89% and ASML up 2%. Shares of German defense company Rheinmetall surpassed 1,900 euros for the first time, reaching a peak of 1,943 euros. The rally in defense stocks comes amid ongoing geopolitical tensions and discussions about increased NATO defense spending. Investors are also closely watching the upcoming financial results from Nvidia, as strong performance from the US technology sector has influenced market activity. The euro fell to 1.1306 US dollars.