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DAX sets a record and first ever close above 17k

As expected and covered here in some detail, the German DAX did manage to set its first ever daily close above 17k yesterday. The index rose to a new all time high ahead of that close, at 17,049 and later closed the session at 17,033, with a gain of 129 points on the day. Those new milestones for the index were helped by a well-known analyst calling out the relative value for a number of high profile German stocks, when looking at the P/E ratios of those stocks and their yields, compared to the lofty US valuations on offer at the moment. That is to say; that even with the index up here, there are many German stocks that are cheap on such a valuation matrix. Earlier today the DAX futures did slip back to test the 17k level, but so far that has held and the index is currently pricing a new record opening for later this morning, pretty much where the index closed yesterday

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