DAX tops 27,000 for first time on AI optimism

Germany's DAX index rose above 27,000 points for the first time on Thursday, supported by optimism around artificial intelligence and strong corporate earnings.

The blue-chip index gained more than one percent in morning trading and reached 27,001 points. Siemens climbed more than four percent after reporting record profits boosted by data centre demand.

Online fashion retailer Zalando rose four percent, extending gains after results released last week. Other European markets also moved higher, with Paris up about 0.5 percent and London about 0.2 percent.

CMC Markets analyst Andreas Lipkow said falling energy prices, quarterly earnings and hopes for a sustained German recovery were supporting the DAX. A council of economists advising the German government upgraded its growth forecast for Europe's largest economy to 1.3 percent on Wednesday.

Lipkow also said risks remained around Nvidia-related market concerns, which were weighing on the stock.