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Investors are valuing Germany’s 30-share Dax index more favourably than ever. Almost every trading day in the first half of February it reached a new all-time high until it broke through the 3200-barrier on February 12. The environment for further price gains has steadily improved. One reason is that bond yields are at historic lows. Falling bond yields and a steep curve have been fuelling the equity market for almost two years now. But euphoria explains just as much as the technical factors. |
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