0737 GMT - Germany's DAX continues to power ahead even as the country's economy remains under pressure, a divergence that is due to its exposure to global trends, sector composition and contribution from individual stocks, Deutsche Bank strategists say in a note. The German blue-chip index closed at record highs for the past three sessions, having gained 19% in 2024. The index is up 50% since 2023, but German GDP growth has been slightly negative in each of the past two years. German GDP is a poor proxy for the DAX performance as the index has a higher correlation to global economic growth than to how the domestic economy fares, Deutsche Bank says. About 80% of revenue at DAX companies is generated abroad, while German GDP depends largely on domestic demand, the strategists say. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
January 20, 2025 02:37 ET (07:37 GMT)
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