DAX closing in on record high

Paris: Germany’s DAX index has zoomed in on its record high in recent weeks and has room to power ahead as investors scoop up shares in industrial companies that will benefit from accelerating global economic growth.

The DAX, which has been outperforming most other euro-zone equity indexes this year, is about 3.5% -- or about 430 points -- shy of a record-high close of 12374.73 set in April 2015. This comes despite a retreat yesterday led by shares in Deutsche Bank AG, after it announced plans to raise about US$8.5bil in a share sale.

The gains make the DAX the European benchmark that’s closest to a personal best among the major gauges, after the UK’s FTSE 100 index climbed to an all-time high last week. Home to multinational companies such as Siemens AG, Daimler AG and BASF SE, the DAX has been one of the biggest beneficiaries of a global rally sparked in November by bets of stronger growth and inflation. It’s gained about 14% since the US election, which boosted wagers of fiscal spending and corporate tax cuts. — Bloomberg

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