Morning update from Germany: The DAX index is posting its strongest performance since 2019, which is pretty remarkable given the economic headwinds across Europe. Here's what's driving it—most DAX-listed companies actually don't rely on domestic revenue. Think about it: only ~20% of their earnings come from the German market itself. The real money? About a quarter flows in from the rest of Europe, another quarter from Asia-Pacific markets, and the remainder from Americas and emerging economies. So when the euro weakens and global trade flows shift, these multinational giants capture outsized gains. It's a textbook example of how currency dynamics and international diversification can decouple local economic struggles from stock market performance. Pretty insightful for anyone tracking macro trends and portfolio positioning right now.