The DAX 40 tracks Germany's 40 largest companies. PMI is the dominant driver — the DAX correlates more strongly with Global PMI than any other major index, reflecting Germany's manufacturing export dependence.
| Date | Level | Event |
|---|---|---|
| Mar 2020 | 8,442 | COVID crash — BUY signal |
| Jan 2022 | 16,271 | Rate hike cycle begins |
| Sep 2022 | 11,975 | Energy crisis trough — re-entry signal |
| May 2024 | 18,892 | Recovery peak |
| Mar 2026 | 23,800 | Pre-Hormuz peak — near sell zone |
| Apr 2026 | 22,450 | Hormuz correction — near sell |
| Sector | Weight | Key signal | Top stocks |
|---|---|---|---|
| Technology/Industrial | ~25% | PMI | Siemens, SAP, Infineon |
| Chemicals/Materials | ~12% | PMI / Urea | BASF, Covestro, Linde |
| Automotive | ~12% | PMI / China | Mercedes, BMW, Volkswagen |
| Defence/Aerospace | ~8% | NATO spending | Rheinmetall, MTU, Airbus |
| Financials | ~15% | EUR 10Y | Deutsche Bank, Allianz, Munich Re |
| Energy/Utilities | ~10% | EUR 10Y / Gas | RWE, E.ON, Siemens Energy |
Not financial advice. See disclaimer.