Weekly Outlook: DAX Records Without the Champagne Celebration

Following Friday's new high, the outlook for the DAX remains positive. Strong quarterly results and hopes for a soon-to-be-reopened Strait of Hormuz are supporting stock prices.August 10, 2026. FRANKFURT (Deutsche Börse). Sentiment in Germany is at a rare low, yet stock markets here continue to rise. Most recently, the U.S. jobs report provided a boost. “Weak U.S. labor market, strong stock market,” summarizes LBBW analyst Frank Klumpp. The report for July, released Friday afternoon, was disappointing in nearly every respect. “Interest rate expectations were adjusted accordingly in the financial markets—and fears of rising key interest rates by the Federal Reserve were dispelled.”The DAX ( ) stands at 26,337 points on Monday morning, down from 26,356 at Friday’s close and 26,447, its most recent all-time high. The Stoxx Europe 600 ( ) is also at a record high. In the U.S., the S&P 500 ( ) also hit a new all-time high on Friday. The Nasdaq 100 tech index has recently rebounded after significant declines. The trend in gold prices is particularly notable at the moment: The price per troy ounce rose sharply again in August and stood at $4,355 on Monday morning.Back and Forth Over the War in IranClaudia Windt of Helaba reflects on the war in Iran. “The conflict has been ongoing since the end of February, and what’s astonishing is the composure with which investors swing back and forth between war and hopes for peace almost on a weekly basis,” she comments. The past trading week is a prime example of this: “A sharp drop in oil prices, combined with the prospect of an agreement between the U.S. and Iran, boosted stocks.”“Support from Quarterly Earnings and Monetary Policy”“The main driver behind the recent recovery was a temporary easing of tensions in the Middle East,” explains Birgit Henseler of DZ Bank. The U.S. decision to suspend a previously announced military strike against Iran and to begin diplomatic talks led to a noticeable decline in energy prices. This positive trend is being supported by a robust earnings season. In the U.S. and Europe, corporate results and outlooks have largely exceeded forecasts made in the spring.Furthermore, monetary policy remains a key supporting factor, as no further massive interest rate hikes are expected. The DAX, with its focus on the industrial, financial, and cyclical consumer sectors, is also benefiting from the fact that valuations in the global semiconductor sector are being called into question. “Provided there is no renewed geopolitical escalation and earnings expectations are confirmed, the upward trend will remain intact.”“DAX Record Also Solidly Underpinned by Fundamentals”The new week is relatively light on data. “The US consumer price index on Wednesday will set the tone for the week,” notes Christian Henke of IG. In addition, there will be a few corporate earnings reports, including those from E.ON, Hannover Re, and RWE here in Germany. The U.S. second-quarter earnings season is drawing to a close with “very impressive figures,” as Andreas Hürkamp of Commerzbank notes. According to Bloomberg data, corporate earnings rose by 29 percent, exceeding the expected 23 percent. “Revenue was 14.1 percent higher than the previous year—the forecast was 12.1 percent.” Corporate earnings for DAX companies, however, were nowhere near as strong. A 7 percent increase is expected for the full year 2026. “But even for the DAX, the trend in earnings expectations is steadily rising, meaning that the DAX’s new record high of over 26,000 points is also well-supported by fundamentals.”Key Economic and Business DataWednesday, August 122:30 p.m. U.S.: Consumer prices for July. Following the decline in prices in June, a slight increase of 0.1 percent month-over-month is expected, Metzler explains.Thursday, August 1311:00 a.m. Eurozone: Industrial production for June. A small increase of 0.1 percent compared to May is expected.Friday, August 1411:00 a.m. Eurozone: Second-quarter GDP, second estimate. According to Metzler, it will be interesting to see whether the positive surprise of the first estimate—0.4 percent compared to the previous quarter—will be confirmed.2:30 p.m. U.S.: July retail sales. Following strong results in previous months, Commerzbank expects U.S. retail sales to grow another 0.1 percent from the previous month.By Anna-Maria Borse, August 10, 2026, © Deutsche Börse AG About the Author Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.Please send feedback and questions to live@deutsche-boerse.com

Weekly Outlook: DAX Records Without the Champagne Celebration

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