DAX is the haven right now with another record close

Yesterday the underperformance in the FTSE 100 and the CAC 40 relative to the DAX was clear for all to see. The DAX rose to a new all time high, at 20,260 and later set a new record daily close, at 20,232. That close was some 215 points above the previous record, set just the day before. So, the DAX gained 1.08%, compared to  0.66% gain in the CAC and no gain at all for the FTSE 100. That index actually handed back 0.28% on the session. There seems little doubt that the DAX is the recipient of hot flows out of France right now and if you look at a chart of one overlaid on the other you can see just how much they have diverged over the past 4 months. Alt this stage there seems little reason to suggest they might not diverge further and if you look at the contrast in French and German yields you will see a similar picture. The DAX futures are ever so slightly lower this morning in terms of the opening outlook, but that can change in the blink of an eye when live trading resumes in less than 30 minutes