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DAX reaches new high

February 23, 2015

Germany's blue-chip share index, the DAX, reached a new high on Monday following the eurozone's finance ministers' agreement with Greece on its bailout program. London's FTSE also initially traded near its record peak.

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Symbolbild Dax auf Rekordhoch Archiv
Image: picture-alliance/dpa/Rumpenhorst

Germany's main share index DAX reached 11,158.55 points early on Monday- its highest ever level - before dropping slightly. On Friday, the DAX had reached its previous high, as the bailout deal between Athens and Brussels took shape.

The FTSE100 also climbed to near its record peak of 6,950.60 scaled in late 1999 before dipping down again. Disappointing earnings by scandal-hit bank HSBC prevented Britain's blue-chip index from reaching that peak.

The pan-European EuroStoxx50 also traded higher on Monday morning.

The markets are reacting to the agreement Greece had struck with eurozone finance ministers last Friday, which gives it more time to implement reforms.

It means Greece will not run out of money next month, and it will not be forced to leave the eurozone for now. Athens is to submit detailed reform proposals to Brussels later on Monday.

On Friday, the Dow Jones Industrial Average and the S&P 500 ended at record highs, and the tech-heavy Nasdaq recorded an eighth straight day of gains.

ng/uhe (Reuters, AFP, dpa)