"Companies are clearly giving up more and more hopes that the economy will pick up," said Ralph Solveen, an economist at Commerzbank AG. "This does not bode well for the German economy in the coming months."
Investors didn't see the August rally coming, so it's probably been painful for many of them: Germany last month became by far the least-preferred market in Europe in Bank of America Corp.'s survey of fund managers.
In part, the DAX has been resilient because it's loaded with exporters who are less tied to German growth than smaller companies. The DAX Mid-Cap Index, by contrast, is down 5.4% this year and is still about 30% below its 2021 record.
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