FRANKFURT (dpa-AFX) - The DAX reached a record high on Monday. After subdued trading until early afternoon, the German benchmark index picked up speed after the US stock market opened. It climbed to a record high of 23,935 points in late trading. It crossed the finish line 0.70 percent higher at 23,934.98 points. The MDAX gained 0.82 percent to 30,131.65 points.
During the course of the day, the leading index benefited from the fact that the initial turmoil in New York over Moody's downgrade of the US credit rating quickly subsided after trading began. This boosted risk appetite in Germany. The view prevailed that this was no longer a surprise, especially since Moody's was only matching the ratings of its competitors Fitch and S&P.
In addition, the announcement of closer cooperation between the UK and the EU supported market sentiment. Five years after Brexit, both sides reached agreements on issues such as defense and security, food standards, fisheries and energy, as well as irregular migration.
No details of the telephone conversation between US President Donald Trump and Russian President Vladimir Putin were known at the close of trading./tih/he
