DAX record underlines Germany’s vulnerability

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Germany has been in recession for two years and yet the German bourse has outperformed all major European stock markets during that time. That is not a paradox, but the sign that the future of the country’s largest companies is decoupling from their home market. But if U.S. President Donald Trump’s threatened tariffs lead to a real shrinkage in global trade, investor enthusiasm for Germany’s big corporates might cool.

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