DAX hits record high as European shares rise

London

GERMANY'S DAX hit a record high as European stocks rose on Monday, extending their recent sharp rally as investors bet that the weakened euro would boost the region's economy and lift exporter earnings.

The DAX - which unlike many other European equity indexes factors in returns from dividends - rose 1.2 per cent to break through the 12,000-point level for the first time.

"It's a very favourable environment," said Hendrik Koenig, an equity strategist at B Metzler Seel Sohn & Co in Frankfurt. "All the big macro themes right no…