DAX 40

Key insight

25,000 round-number floor intact — break above 25,500 resistance opens a run toward the 2026 all-time high zone near 26,000. Oil at $98.5 adds input-cost pressure on industrials but energy names offset it.

25,456 holds above the 25,000 round-number base; DAX outperforms FTSE and CAC on the day, confirming relative strength in German equities despite flat EUR/USD at 1.1546.

Main risk

Oil spike above $100 crushing margins

Brent at $98.5 and rising — a break above $100 tightens margins for BASF, BMW, and DAX industrials, threatening earnings revisions.