A strong finish lifts DAX to another record close

Yesterday, even as the US stock markets fell on the opening, the DAX avoided a fall below 23k and rebounded once again into the European close. That later European session rebound saw the index rise to a new record, at 23,475. The DAX later closed 338 points higher, at 23,419- a new record daily close for the index. However, later yesterday evening the futures were knocked back as the US markets tanked, led by further losses in the Nasdaq 100. That saw the DAX futures price the opening for today close to 23,150. They are off that low call now though, but nevertheless still priced to open lower this morning. Naturally that outlook can change in between then and now. The conflicting dynamic for German stocks is not yet denting the downside because whilst German Bund yields have surged, so have many leading defence led stocks. More usually such a change in Bund yields would have stopped the index from making these record gains. Perhaps eventually it will bite, but for now the markets seem to be ignoring it. The DAX is currently priced to reopen around 23,200