DAX Holds 25,000 as Expiry Dynamics and Chip Momentum Intersect
19.06.2026 - 00:40:59 | boerse-global.de
Thursday’s session on the Frankfurt exchange played out as a duel between options mechanics and a resurgence in technology stocks. The result: Germany’s blue-chip index closed above the psychologically charged 25,000 level for the first time in a week, at 25,026 points – a gain of 0.37% on the day and a 3.3% advance over the past seven trading days.
Yet the journey was anything but straightforward. An unusual two-day options expiry, caused by the Juneteenth holiday shuttering US markets on Friday, divided derivative settlement between Thursday (American-style contracts) and Friday (Eurex-based DAX products, settling at 13:00). With nearly 900,000 open contracts on DAX options and a put/call ratio above one – meaning more bearish bets than bullish – the 25,000 area became a magnet for hedging and profit-taking. That squeezed intraday momentum, even as the index briefly pierced 25,000 in early trading before retreating.
The early weakness, triggered by minutes from the Federal Reserve hinting at sustained high interest rates, was quickly overshadowed by a surge in semiconductor and industrial stocks. Infineon led the charge, jumping over 4%, buoyed by a string of positive signals: US President Trump’s upbeat remarks on Intel’s US engagement, an Apple-Intel chip-development tie-up, and a raised outlook from Dutch equipment maker BE Semiconductor, citing strong AI demand. Siemens Energy advanced 4.98% to 169.80 euros, MTU Aero Engines rose 3.33% to 341.30 euros, and Airbus also contributed to the rally. The Nasdaq’s positive open provided crucial tailwinds.
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On the flip side, BMW continued to be a drag on the index. The carmaker’s profit warning on Tuesday evening – citing collapsing sales in China and headwinds from the Middle East conflict – sent its shares down another 6.51% on Thursday, after an 8% plunge the previous day.
Macro currents remained mixed. The Swiss National Bank held its key rate at zero, a relief for European markets. The ifo Institute slashed its growth forecast for 2027. The euro slipped 0.4% against the dollar to 1.1462, a move that helps export-oriented DAX heavyweights but also signals heightened dollar demand tied to the ongoing option settlement. Geopolitical risks, including the Iran-Israel standoff, lingered in the background, capable of overriding technical trading patterns if tensions escalate.
Chart-wise, Thursday’s close delivered a clear technical signal. The DAX now sits comfortably above its 50-day moving average of 24,487, while the Relative Strength Index at 57.5 leaves room for further gains without flashing exhaustion. The next hurdle is the recent interim high at 25,110; a break above that would open the path toward the 52-week peak of 25,508, still less than 2% away.
The decisive moment comes on Friday at 13:00, when the Eurex expiry settles. If the DAX can hold above 25,000 until then, the technical picture should remain constructive. Whether the chip sector can sustain its rally afterward will depend on US markets returning from the holiday – and on the fresh batch of American economic data due for release.
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