Just checked the German market this morning and DAX is moving up but barely - only 0.12% gain, sitting around 24,931. Banking stocks are carrying most of the weight here, which makes sense given the sector strength we've been seeing. Deutsche Bank and Commerzbank both up roughly 2%, so that's where the DAX gains are really coming from.

The vibe feels pretty cautious though. Everyone's waiting on the Fed minutes and trading volumes are thin - probably because of the US holiday. Interesting to note that DAX, which comes from Germany's major index, tends to be sensitive to broader European economic signals. Some of the bigger names like Siemens are actually down 2.7%, while Heidelberg Materials is up 2.3%. Mixed bag overall.

What caught my eye was the Eurozone industrial production data that just came out. Production actually fell 1.4% month-on-month in December - first decline in four months. That's not great. The DAX from Germany's perspective shows how interconnected everything is, because this kind of weakness ripples through the whole index. Year-on-year it's only up 1.2% now versus 2.2% in November, so momentum is clearly slowing down. Volkswagen had some buzz earlier about cutting costs 20% by 2028 but gave back those gains, so investors aren't super convinced right now.