FRANKFURT (dpa-AFX) - After a seven-day record rally, the DAX opened trading on Wednesday in stable territory. Surprisingly strong trade data from China for the month of December supported market sentiment. Both exports and imports exceeded analysts' expectations. "China's latest figures are also good news for the struggling German economy," commented portfolio manager Thomas Altmann of QC Partners, pointing to the increase in Chinese imports of German goods.
At the start of trading, Germany's benchmark index remained unchanged at 25,420 points. On Tuesday, the DAX crossed the 25,500-point threshold for the first time in its history, though it ultimately closed only slightly higher.
The MDAX, which tracks mid-cap stocks in Germany, slipped by 0.2 percent to 32,173 points. Meanwhile, the EuroStoxx 50 managed to edge past its previous day's record high, rising to 6,043 points before the leading index of the eurozone most recently gained 0.2 percent to 6,040 points.
Looking at the German stock market, Altmann once again warned that the HDAX, which tracks the 110 largest and most liquid German stocks, is technically "massively overbought." The index, which mainly consists of DAX and MDAX stocks, posted gains for the 14th consecutive trading day on Tuesday, marking "the longest winning streak in the index's history, which dates back to 1988."
In Germany, attention remains focused on the United States, as the US banking sector's earnings season, which began the previous day, continues with results from Bank of America, Wells Fargo, and Citigroup./ck/mis
