Automakers drove the German DAX to hit record high as they rally or German Stocks hit record high thanks to automakers rally.

Automakers lifted the German DAX to a record high earlier today, while eurozone blue-chip stocks jumped to pre-pandemic levels after the U.S.

Germany’s blue-chip DAX rose 0.7%, France’s CAC 40 was up 0.2%, while UK’s FTSE 100 slipped 0.1% as investors anticipate the Bank of England’s monetary policy decision due later in the day.

The push in the German’s index can be attributed majorly to the surge in Volkswagen’s stocks. Volkswagen jumped 6.1%, sealing its position as the most valuable company in Germany’s DAX after it overtook software maker SAP on Wednesday.

Also, with the 10-year U.S. Treasury yield rising after the Fed decision, economically sensitive sectors such as automakers, banks, miners and travel & leisure led the gains in Europe.

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