DAX 12,000

German stocks just smashed through to a new record level, up 0.81% in early trading Monday, continuing the rapid climb that began just a few months ago.

Here it is:

The DAX first peeped above 10,000 in June last year, and rose solidly above that level in January this year — it’s been surging since. The index is up by a whopping 22% so far in 2015, and up 32% from where it was this time last year.

Unlike other European stock indexes, Germany’s has long since steamed past its pre-2008 crash highs. France’s CAC 40, for example, is still significantly lower than it was in mid-2007.

Here’s how the DAX looks in context:

That’s because of a combination of things — the European Central Bank’s January decision to go for a big QE programme has been a major positive for euro stocks, and the weaker euro is similarly a big earnings tailwind for Germany’s mighty exporters.

Germany’s GDP growth was surprisingly strong as the end of last year, demand appears to be rising and retail sales are at a post-reunification high.

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