DAX Hits Fresh Record High on Broad Sector Gains

The DAX rose 0.5% to 26,432 on Friday, reaching a fresh record high as gains across several sectors outweighed losses in utilities and chipmakers.

Rheinmetall rose 3.2% amid broader strength in the defense sector as geopolitical tensions remained elevated, while MTU Aero Engines and Airbus gained more than 1.3%.

Brenntag advanced 1.3% after Goldman Sachs reiterated its “Buy” rating and the company reported a 41% jump in EBITDA.

SAP gained 3% amid speculation over a potential takeover of US software firm Workday.

Financials also advanced as markets scaled back expectations of a Fed rate hike, with Hannover Re, Munich Re and Allianz rising more than 1%.

Meanwhile, E.ON fell 4.4%, its lowest level since January, following disappointing draft gas regulations, while RWE and Siemens Energy also declined.

Chip stocks fell on profit-taking ahead of Unitree’s IPO, with Infineon down 1.2%.