DAX 40

Key insight

25,477 consolidates above the 2025 breakout zone near 24,800 — a weekly close above 25,500 opens the path to the all-time high at 26,300. US weakness is a near-term drag; ECB policy pivot and EUR/USD at 1.1390 are the key swing factors.

25,477 holds above the 200-day MA (~24,800) while European peers advance; DAX outperforms a soft Wall Street session, signalling relative strength in German large-caps heading into Q4.

Main risk

S&P 500 Rollover / US Equity Contagion

S&P 500 -0.4% at 7,715 today; a sustained US leg down below 7,600 would pressure DAX export names and likely drag the index toward 24,800 support.