
Germany's DAX climbs to fresh record high
LONDON, June 4 (Reuters) - Germany's benchmark DAX index (.GDAXI), opens new tab touched a fresh record high on Wednesday.
The index rose 1% to a record high of 24340.090 points, surpassing the previous record scaled on May 28.
It has risen 22% so far this year, compared with a-near 9% rise in the STOXX 600 (.STOXX), opens new tab
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Reuters
32 minutes ago
- Reuters
ECB's Schnabel sees no lasting decoupling from Fed
DUBROVNIK, Croatia, June 7 (Reuters) - Ongoing trade tensions between the United States and the rest of the world are a shock to the entire global economy, meaning the Federal Reserve's and the European Central Bank's monetary policies are unlikely to diverge for long, ECB board member Isabel Schnabel said on Saturday. "I expect this trade conflict to play out as a global shock that's working through both lower demand and supply," she told a conference in Croatia. "We can discuss which of the two effects on inflation is larger because that determines the net effect. But in any case, I would not expect a sustained decoupling (between the ECB and the Fed)," she said.


Daily Mail
33 minutes ago
- Daily Mail
Banking group urges customers with £10,000 in savings to move their money NOW
Customers with £10,000 in savings are being urged to move their money or risk missing out on earning hundreds of pounds a year. In the UK 8.3 million current accounts hold £10,000 or more but 80 per cent of these accounts pay no interest - meaning their money sits passively. However, Spring, a savings app, has encouraged those looking to earn money through interest to move it into a savings account instead. The company warned millions of people in the UK are 'current account coasters' - leaving their money in a main account after paying for essentials, rather than placing it in savings. Derek Sprawling, Spring's Managing Director of Savings, told The Express: 'Cumulatively, nearly £400 billion is held in current account balances in the UK. 'You would imagine that these would mainly consist of small balances, but our analysis shows that there are a significant number of accounts that contain sizeable funds, accounting for over half of the overall balance. 'Most people sensibly maintain a small current account balance to cover emergency costs and everyday expenses, but leaving thousands of pounds in your current account means you will be missing out on hundreds of pounds in interest each year. 'With nearly eight million current accounts containing significant balances, that money could work harder in a higher-paying savings account.' File image: In the UK 8.3 million current accounts hold £10,000 or more but 80 per cent of these accounts pay no interest - meaning their money sits passively He explained that many people are wary about using savings accounts because they can loose immediate access to their money. But there are alternatives, which connect savings and current accounts together. These allow money to be transferred between accounts immediately. As well as unlimited withdrawals.


Daily Mail
40 minutes ago
- Daily Mail
Tesla shares rebound slightly after $150bn wipe-out triggered by Musk's spat with Trump
Tesla shares were sent into freefall on Thursday after Elon Musk sounded off about Donald Trump and his policies on social media this week. The debacle saw roughly $150billion wiped from Tesla's market value in one of the worst days in months. While the electric car maker's share price tumbled 14 per cent on Thursday, it rebounded slightly on Friday following some indications tempers were cooling between the duo. Earlier this week, Trump threatened to cut off government contracts to Musk's businesses, including rocket firm SpaceX, which has contracts worth tens of billions of dollars with the US government. In response, Musk fired back and said: 'Go ahead, make my day.' The saga seemed to quieten somewhat on Friday as Musk broke his silence by agreeing with an X post that claimed he never attacked Trump personally. The initial feud was ignited over Musk's opposition to Trump's 'Big Beautiful Bill', before he launched into a series of attacks on the president and alleged he was 'in the Epstein files. Trump quickly branded Musk 'crazy' and said he has 'lost his mind'. The president also moved to sell his Tesla that he bought from Musk when their relationship was rosier in March, in a parting insult after saying he ousted Musk from his White House. US subsidies and contracts at Federal and state level are worth billions to Tesla, which also currently benefits from a $7,500 tax credit available for electric vehicle purchases. Tesla shares closed at $295.14 this week, down around 14 per cent on less than a week ago and down nearly a quarter on where they were six months ago. But the shares are still around 66 higher than they were a year ago. Tesla shares rose more than 60 per cent between the start of November when Trump was elected to the end of 2024. But investor pressure over Musk's controversial role in the White House ultimately led to him to stepping down from his unofficial 'DOGE' department, which had sparked protests and vandalism directed at Tesla. Tesla shares were on a run more recently, however, after Musk confirmed the group would be testing an autonomous, driverless 'robotaxi' service in Austin, Texas, this month. Russ Mould, investment director at AJ Bell, said this week: 'Tesla shareholders are stuck in the middle of the battle zone as whatever happens to Musk will act as a proxy for the car company's share price. 'Trump has signalled he could terminate US government contracts with Musk's companies, causing Tesla's share price to crash 14 per cent in a day.' He added: 'Musk's outspokenness is becoming a liability for Tesla shareholders. 'He recently pledged to stay on as CEO for at least another five years, but if he cannot be restrained from stoking fires on the public stage, Tesla's board might have to think long and hard about his future with the business.' Neil Wilson, UK investor strategist at Saxo Markets, said on Friday: 'I spoke almost a year ago to Mark Spiegel of Stanphyl Capital in New York. 'He said it was just a matter of time before Musk and Trump fell out – the only question was who would shaft who first but his view was that sooner or later everyone "gets Musked". 'An ugly, name-calling, chest-thumping public brawl on Twitter between the richest guy in the world and the most powerful guy in the world – it's what the platform was made for. 'It's also whacked Tesla stock as bulls need to reassess their upside case for the carmaker. 'Both probably realise that this is doing each of them a lot of harm – Musk could lose billions of dollars in government contracts and tax credits, while Trump could see his 'big beautiful bill' fail to pass.'