DAX 40

Key insight

The DAX is within striking distance of its July all-time intraday high at 25,900.10 — a clean break above that level would open a new chapter of price discovery and confirm the index's breakout from a multi-week consolidation range.

The DAX is surging toward its all-time record high of 25,900.10 on the final day of July, powered by a tech-led rally in Infineon (+7.33%) and Siemens Energy (+4.26%), while HSBC has just upgraded German equities to 'Overweight' for H2 2026.

Main risk

Adidas earnings collapse & CFO departure

Adidas plunged ~17% on July 30 on a shock cost surge and CFO non-renewal, a heavyweight drag that illustrates the single-stock earnings risk still lurking within the DAX at current elevated levels.