Germany's blue-chip DAX stock index jumped above 20,000 points for the first time today following gains on US and Asian markets, even as Europe's top economy battles multiple headwinds.
The index, which groups the 40 largest publicly-traded German companies, reached 20,022 points at around 9am.
The German economy, battered by a manufacturing slowdown and weak demand for its exports, has been struggling in 2024 and is on course to contract for a second year in a row.
But the DAX has nevertheless surged ahead, rising more than 19% in the past year.
This is in part because the index is not domestically focused, with "84% of the turnover of DAX companies generated abroad," Ulrich Stephan, head of investment strategy at Deutsche Bank, said recently.
The DAX fell under 20,000 in later trade this afternoon.
