Another day, another record. Germany’s blue-chip DAX index of the country’s 30 largest companies surged past the 12,800-points mark Monday morning on the back of a victory by the business-friendly Christian Democrats of Chancellor Angela Merkel in a critical state election over the weekend.
And yet, German executives don’t seem to be joining the party. A survey of the investment habits of CEOs, conducted every two weeks, has fallen into neutral territory for the first time in two years. That means top German managers are no longer buying German stocks.
That was just one of three surveys Monday that signaled the DAX’s record highs may not last much longer. Investors and private-equity managers are starting to get a little skittish, too.