DAX jumps to four-week high – a pullback is expected on Thursday

Data as of: Xetra closing prices Wednesday, 21 October 2026; pre-market indication and calendar for Thursday, 22 October (as of about 06:50 CEST; Xetra opens at 9:00)

The DAX benchmark index (Germany's 40 largest listed companies) gained 1.35% to 25,645.04 points on Wednesday. In the afternoon it briefly rose above 25,700 points – its highest level in about a month. The MDAX of mid-sized companies rose 0.85% and the Euro Stoxx 50 of large euro-area companies 1.40%. The SDAX of smaller companies and the tech index TecDAX also posted clear gains.

According to dpa-AFX, a billion-dollar quarterly profit at space company SpaceX made the difference; Elon Musk also confirmed that a merger with Tesla is being considered. Investors hope the earnings season will revive tech and chip stocks, which had recently been weak. SAP (+3.5%) was in demand ahead of its results, as were Siemens, Siemens Energy and Infineon. Fresenius Medical Care lost 2.6%: the US health ministry plans a reform of kidney disease treatment.

Outside the DAX, Jenoptik (MDAX) jumped 12.1% after a better margin outlook. Grand City Properties bought a 20% stake in LEG Immobilien – LEG rose 4.5% and Grand City 5.6%. In the evening, SAP reported 13% higher third-quarter revenue (10.3 billion euros) and a 28% larger cloud backlog; for cloud growth it now targets the upper end of its forecast.

For Thursday, broker IG indicates the DAX 0.6% lower at 25,500 points, according to dpa-AFX. The reason is renewed AI worries after mixed signals from Meta and Tesla in the US; markets in Japan and South Korea also fell. In the morning, Sartorius, Nestlé, Roche, Nokia and others report results. The ECB's euro reference rate was 1.1234 dollars on Wednesday (Tuesday: 1.1215).