DAX Opens in the Red
Frankfurt’s leading stock index, the DAX, opened weaker on Thursday, with a decline of 0.46% by 09:11 CET on the XETRA trading platform, standing at 23,211.09 points. This follows an opening drop of 0.597% earlier in the day, down from the previous day’s closing level of 23,317.81 points. The total market capitalisation of all DAX-listed companies now amounts to approximately €2.057 trillion.
So far today, the index has reached an intraday high of 23,214.89 points, with the low recorded at 23,171.34 points.
Mixed Weekly and Annual Performance
Over the course of this week, the DAX has recorded a 1.60% loss. Looking back one month to 19 May 2025, the index stood notably higher at 23,934.98 points. Three months ago, on 19 March, it was at 23,288.06 points, while a year ago, on 19 June 2024, the DAX was significantly lower at just 18,067.91 points.
Despite recent volatility, the index has shown robust growth since the beginning of 2025, registering a 15.91% gain year-to-date. Its highest level this year was 24,479.42 points, with the annual low recorded at 18,489.91 points.
Top Gainers and Losers in the DAX
Among the top-performing stocks on Thursday morning were MTU Aero Engines, rising by 0.96% to €369.60, followed by Deutsche Telekom (+0.56% to €30.51), Rheinmetall (+0.32% to €1,746.50), Vonovia SE (+0.07% to €29.87), and RWE (+0.03% to €35.07).
On the losing side, Sartorius (preference shares) fell the most, down 1.91% to €205.50. Other notable losers included Zalando (-1.62% to €27.29), Bayer (-1.34% to €26.84), Adidas (-1.29% to €194.90), and SAP SE (-1.03% to €250.35).
Market Capitalisation and Trading Volumes
The most actively traded stock in the DAX is currently Deutsche Bank, with 445,883 shares changing hands on its home exchange. In terms of market value, SAP SE holds the top position with a market capitalisation of €295.1 billion, making it the most valuable company in the index.
Fundamental Insights: Valuation and Dividends
Based on current estimates from FactSet, Porsche Automobil (preference shares) boasts the lowest price-to-earnings (P/E) ratio in the DAX this year, forecasted at just 3.06. Meanwhile, Volkswagen’s preferred shares are expected to deliver the highest dividend yield in the index, estimated at 7.04% in 2025.
Gold Rally Shows Strength – But for How Long?
Renowned market strategist André Kostolany once likened market opportunities to trams: miss one, and another will arrive soon. This analogy aptly applies to the recent surge in gold prices. Investors who moved into gold at the end of 2024 have seen returns of around 30% by mid-2025. Currently, gold is trading at over $3,380 per ounce.
However, analysts urge caution. While the long-term fundamentals remain solid, a healthy correction could be on the horizon. Experts at Citigroup forecast a potential pullback to $2,500–$2,700 per ounce by the second half of 2026—representing a correction of 20% to 25%, which is not unusual in the gold market.
Diverging Views on What Comes Next
Citigroup attributes a potential correction to several factors: fading investor demand, improving global economic outlooks, and a more reserved approach to interest rate cuts by the US Federal Reserve.
In contrast, Önder Çiftçi, CEO of precious metals dealer Ophirum, sees sustained strength in gold. He points to ongoing shifts in asset allocations by institutional investors away from the US dollar towards alternative currencies and gold. He also notes that central banks in emerging economies—such as China, Russia, India, and Turkey—have been reducing their dollar reserves in favour of increased gold holdings.