DAX 40 macro outlook · updated 12 November 2026
Is the DAX bullish or bearish?
As of 12 November 2026, the DAX scores 38 out of 100 on the WatchTower Terminal macro composite, a bearish read. DAX carries a composite score of 41/100 and a Bearish macro bias. The core tension is between a central bank still leaning towards tighter policy and weakening domestic fundamentals, which leaves equity valuations under pressure. Softer consumer demand, a wider trade deficit and patchy constituent earnings add to the cautious read, while energy-driven inflation concerns limit scope for policy relief.
Composite score
38
Bearish
56+ bullish · 45 to 55 neutral · under 45 bearish
Reading of 12 Nov, 09:30 London
What is behind the number.
Current drivers
- Tighter policy expectations weigh on equity valuations
- Consumer demand weakening sharply, with retail sales falling
- Trade deficit widening, leaving export momentum fragile
- Constituent earnings disappointments and weak China trade add pressure
How this score is built
Published weights, not a black box.
Every index is scored on the weights shown here, on the same 0 to 100 scale as every other market, so a 56 here means what a 56 means anywhere else.
- COT level20%
- Earnings20%
- Bank research15%
- Seasonality15%
- Central bank15%
- Fundamentals15%
The rest of the board
Ranked strongest to weakest on the same scale.
Related free data
About DAX 40
Is DAX 40 bullish or bearish right now?
As of 12 November 2026, DAX 40 carries a bearish macro read, scoring 38 out of 100 on the composite. 56 and above reads bullish, below 45 reads bearish, and the band between is neutral.
What is driving DAX 40?
Current drivers include: Tighter policy expectations weigh on equity valuations; Consumer demand weakening sharply, with retail sales falling; Trade deficit widening, leaving export momentum fragile; Constituent earnings disappointments and weak China trade add pressure.
How is the DAX 40 macro score calculated?
Equity indices run on their own published weights: cot level 20%, earnings 20%, bank research 15%, seasonality 15%, central bank 15%, fundamentals 15%, re-weighted over the inputs an index actually has. 56 and above reads bullish, below 45 reads bearish.
Where can I track DAX 40 in real time?
This page reads it live with no account. In WatchTower Terminal, Asset scores carries the live DAX 40 score and every driver behind it, alongside every G10 currency, metals and global indices, and Asset in full and Score history add the written read and the full history. The terminal is $10 for your first month, then $49 a month, or $490 a year with 2 months free. Cancel from Billing at any time.
Track it live
This is 1 number. The terminal shows the working.
Every component and the weight it carries, in Asset scores, with the history of how the score has moved, the positioning behind it and the research it came from. The terminal is $10 for your first month, then $49 a month. Cancel from Billing at any time.