DAX Hits New All-Time High on Siemens Energy Earnings Beat
German stock continue to rally fueled by AI tech and dovish ECB policy. US Fed policy takes a back seat.
- Q1 orders from the US up 62%
- Net income Q1 doubles forecast
- Shares jump 1.6 in pre-market trading
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The DAX hit a new all-time high today of 22,140 as positive earnings from Siemens Energy lifted the index. Other European companies such as Heineken and Anheuser Busch posted gains adding to the momentum.
Siemens Energy Earnings Beat Ignites AI Rally
The company posted net income for its first fiscal quarter (from October to December) at €252 million. More than double the average forecast of €130 million.
Siemens Energy also reported a record €131billion order book, thanks to an increase in the use of artificial intelligence.
“Our strong first quarter reflects the market opportunities arising from the increasing demand or electricity,” CEO Christian Bruch said.
The order book represents approximately 93% of the company’s projected sales for 2025. The company forecasts sales growth of 8% to 10% over 2024 figures.
The main drivers for the increase in demand have been gas and wind turbines, power converter stations, electrolysers and other equipment. These orders have increased by over 33% over the past 2 years.
DAX Live Chart
Fed Policy Takes Back Seat
Many market analysts see European stocks eyeing the next moves from the Fed, and the focus today is on this afternoon’s CPI data.
I believe the DAX is propelled by exceeding expectations and some good results from core blue chips.
ECB dovish policy and the likelihood of a change in German politics after the upcoming election is also fueling the rally.
In January, we already saw how a change of policies from restrictive to expansive, including turning back to fossil fuels boosted the DAX.
Today’s CPI data may create some volatility for the DAX, especially if the number is higher than expected. However, the reasons propelling the index higher will prevail in the long run.
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