Germany's DAX hit an all-time high on Wednesday, 11 November 2026, rising 1.04% and extending its winning streak to three sessions, as a surge in Siemens Energy shares lifted European markets. The pan-European STOXX 600 gained 0.64% to 660.7, moving close to the record high it reached in August.

Siemens Energy was the standout performer in Frankfurt. Reuters reported that the AI equipment maker rose 8.3% after raising its expectations for profit margins in 2027 and announcing plans to more than triple its dividend. The company expects its profit margin to rise to between 14% and 16% in 2027, up from 12.4% in 2026, and proposed a dividend of 2.30 euros per share, up from 0.70 euros a year earlier. It also announced a fresh 9 billion euro share buyback and said its order backlog had reached a record 164 billion euros.

AI optimism lifts European technology shares

The rally in Siemens Energy spread to its peers. Shares of Schneider Electric and Legrand gained 2.4% and 1.5% respectively, while the broader European technology sector added 2%, according to Reuters. Optimism around artificial intelligence was boosted further by US cloud-computing company CoreWeave, which said it would become profitable on an adjusted basis in the first half of 2028. US Nasdaq futures jumped 1.8% on the AI optimism, Reuters reported.

European chipmakers also rose. Infineon advanced 6.3% and ASMI rose 5.5%, while STMicroelectronics gained 4% and ASML rose about 3%, as solid third-quarter results from CoreWeave reignited appetite for artificial intelligence stocks. The Wall Street Journal reported that the STOXX 600 had risen to a record high at the open, with banks and technology stocks leading the advance.

Inflation worries temper the rally

The gains were held back by continued worries about inflation. Reuters reported that the STOXX 600 gained 0.2% to 660.06 points by 1025 GMT, just short of surpassing the record high reached in August, with inflation concerns tempering optimism. Hotter-than-expected US inflation figures on Tuesday had increased expectations of another Federal Reserve rate rise and pushed US Treasury yields higher, with the 10-year yield trading near 5%.

London also rose, with the FTSE 100 up 0.58%, while Shell and BP gained 1% and 1.6% respectively as oil prices rebounded after a two-day sell-off, according to Seeking Alpha. The US bond market was closed on Wednesday for Veterans Day, while US stocks were open, leaving European markets to trade without the usual signal from Treasury yields. For Germany, the DAX's record high showed that strong company results and AI-related demand for power equipment could outweigh worries about inflation and higher interest rates, at least for one session.