Dax hits record high

German stocks hit a new high on Monday morning, as higher commodity prices boost stocks across Europe.

The Dax climbed as much as 0.48 per cent to 12831, with energy group RWE the biggest gainer despite reporting an 18 per cent drop in first quarter profits.

German stocks have been some of the biggest beneficiaries of renewed investor desire for European assets, after Emmanuel Macron’s victory in the French presidential election allayed fears about the future of the eurozone.

Investors poured a record $6bn of new capital into European stock funds last week, according to data from EPFR.

That demand has helped the Dax climb 11.5 per cent since the start of the year, compared to a 4.4 per cent rise in the UK’s FTSE 100.