Overview
- The DAX logged roughly a 22% gain for 2025 and closed Monday at 24,351, with subdued moves into a shortened final session.
- Market commentary highlights multiple expansion as the primary driver of the rally, with some analysis estimating the index may be up to about 20% overvalued and earnings forecasts for 2025 still muted.
- Wall Street slipped on profit-taking in tech and materials, and traders are looking to the latest Federal Reserve minutes for signals on the pace of future rate cuts.
- Artificial-intelligence optimism remains a key theme, with Nvidia securing a non-exclusive product license from Groq and taking on some staff after a separate CNBC report had speculated about an acquisition.
- Gold set a new record above $4,500 an ounce over the holidays before pulling back, with central-bank buying cited as a key support even as mining shares retreated.