DAX 40

Key insight

The DAX is in uncharted territory above 26,000 — a level first breached this month — making price discovery the dominant dynamic; the April 2026 low at ~21,900 now serves as the key long-term bull/bear dividing line, while technical analyst upside targets of 27,200 and 28,800 are in play.

DAX has broken above the prior July record of 25,990 and is trading at all-time highs of 26,365, powered by easing US-Iran geopolitical risk, oil price deflation, and a strong Q2 earnings season led by Siemens Healthineers and SAP.

Main risk

Lufthansa earnings shock & earnings season tail risk

Deutsche Lufthansa plunged 10.6% to €8.26 today after disappointing results — a reminder that a busier earnings calendar this week could deliver further negative surprises that dent index-level momentum in uncharted territory.