The DAX in Frankfurt closed virtually unchanged at 25,127.5 on Thursday, though scaling new highs, amid some slight profit-taking after successive record sessions. Market sentiment was supported by the prospect of higher military spending on both sides of the Atlantic in an increasingly tense geopolitical environment. Also supportive, factory new orders in Germany jumped 5.6% in November, building on strong gains in the previous two months, which bodes well for the economic recovery. Defense stocks continued to see buying interest, with Renk rising 2.9% and Rheinmetall adding 1.2%. Deutsche Telekom (3.4%), Bayer (3.1%), Adidas (2.6%) and Commerzbank (1.9%) also performed strongly. On the flip side, Siemens Energy (-3.7%), Infineon Technologies (-3.6%) and Zalando (-2.3%) emerged as the top losers.