FRANKFURT (dpa-AFX) - After jumping by almost 1,000 points within five trading days, investors were initially able to take things more slowly on Thursday following the recent record-breaking run. The broker IG valued the Dax a few points lower at 20,220 points two hours before the Xetra start. At this record level, the uncertain political situation in France is causing some restraint. However, the leading German index would only have to rise slightly above 20,260 points to set a new record.

In France, the opposition has brought down the center-right government of Prime Minister Michel Barnier with a vote of no confidence. "The end of the Barnier government was already priced in on the markets," says market observer Thomas Altmann from QC Partners. The composition of a new government is being watched very closely on the stock markets and it is clear that investors want to see a narrowing of the far too high government deficit.

The year-end rally has recently spread across the financial markets, which is also reflected in Bitcoin, which reached the USD 100,000 mark for the first time. The rally has pushed the DAX up by a further five percent, raising the question of when investors will have had enough and close their books for the year. The annual gain of the leading index has now grown to almost 21%, making 2024 a similarly strong year for equities as the year before./tih/jha/