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Germany's DAX rose on US-Iran peace-deal optimism and cooling inflation data, holding roughly steady after the ECB raised its key rates by 25 basis points.

Asia Markets

DAX Index Rises as German GDP Rises, Inflation Jumps

German equities were closed higher on Thursday, with the blue-chip DAX index ending the session 0.60% in the green, after the release of the latest economic data from the eurozone's largest economy.Provisional data from Destatis showed that Germany's second-quarter gross domestic product ticked up 0.2% quarter over quarter, against a revised 0.4% increase in the previous three-month period and the expected 0.1% gain."Looking ahead, it is obvious that the short-term outlook for the German economy is highly dependent on energy prices and the war in the Middle East, as it affects both industry and households. Even if the German economy has proven to be more resilient than some had feared, an expansion of the conflict to other trading routes would obviously pose a new risk to the economic rebound," ING said.Meanwhile, preliminary data from the Federal Statistical Office showed that Germany's annual inflation accelerated to 2.8% in July from 2.3% in the prior month, ahead of the market forecast of 2.7%. The core inflation rate, which excludes food and energy prices, stood at 2.4%, down from the previous 2.5%.Zooming out, global markets weighed a sharp escalation in Middle East tensions following Iranian strikes on US military sites in Jordan. The attack prompted President Donald Trump to promise heavy retaliation, warning that the US would be "hitting them hard" even as American forces already launched a fresh wave of strikes. Against this volatile geopolitical backdrop, both the US Federal Reserve and the Bank of England opted to hold key interest rates steady.In corporate news, adidas (ADS.F) plunged to the bottom of the DAX, closing 11.52% lower, as Deutsche Bank Research noted the German sportswear giant's "good but not good enough" second-quarter results."In absolute terms, 2Q was a good quarter but against a rising tide of World Cup expectations this is going to disappoint investors. 2Q sales were up 13% to EUR6,743m (+2% ahead of cons), but EBIT was only up 5% to EUR574m (-8% below cons). Strong sales and gross profit were more than offset by significantly higher marketing investments," the research firm wrote.On the flip side, Symrise (SY1.F) gained 3.12% and was one of the index's top stocks, after the chemicals company reported first-half sales of 2.54 billion euros, which was up 2% organically, and confirmed its full-year 2026 outlook, including expectations of organic sales growth between 2% and 4%.

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Asia Markets

German Equities Close Busy Earnings Day Flat

German shares ended an earnings-heavy session little changed, with the blue-chip DAX index closing Wednesday's session 0.01% lower.BASF (BAS.F) climbed to one of the top spots, rising 3.87%, as mwb Research noted the German chemical group's in-line second-quarter results, which included a 16.4% year-on-year jump in group sales to 17.21 billion euros."Final Q2 results were in line with prelims and confirmed that the earnings beat was driven primarily by stronger contribution margins, supply-related pricing and the Zhanjiang ramp-up rather than a broad-based demand recovery, with elevated hedging and trading gains also providing a less-repeatable contribution," mwb wrote. "With July trading holding up and no material demand destruction evident, we expect conditions to stabilize gradually through H2 2026, with scope for a modest improvement into 2027."Meanwhile, Rheinmetall (RHM.F) reported that its preliminary second-quarter revenue surged 69% year over year to 3.29 billion euros and its operating profit came in at 562 million euros, beating market forecasts of 469.9 million euros. The German arms maker ended the trading day 6.13% in the green.Concurrently, Deutsche Bank (DBK.F) released its interim results, with first-half total revenue rising to 17.15 billion euros from the previous year's 16.33 billion euros, and announced plans for a new 500 million-euro share repurchase."DBK delivered a good set of results largely driven by the investment bank but the other divisions beat as well while costs came in in line. Loan loss guidance was reiterated on an underlying basis but DBK might book additional provisions to exit non-performing portfolios. While the [share buyback] was in line with estimates, it is reassuring that DBK moves forward," RBC Capital Markets said in a quick-take report. The lender was up 1.07%.In economic news, Germany's Federal Statistical Office reported that import prices in the eurozone's largest economy rose 6.1% year on year in June, against a 6.8% jump in May and the consensus estimate of a 6% increase. On a monthly basis, import prices edged down 0.7%, as expected.On the geopolitical front, oil prices are trending upward again after coordinated US-Saudi Arabian airstrikes killed 20 Iran-backed paramilitary members in Iraq in retaliation for drone strikes on Saudi energy facilities. Reuters reported the escalation follows Tehran's rejection of an Omani proposal for joint control of the Strait of Hormuz, with an unidentified Iranian official telling the newswire the terms were "unreasonable."

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Asia Markets

German Shares Rally; Mercedes-Benz Climbs Post-H1 Results

German equities rallied on Tuesday, with the blue-chip DAX index closing 0.52% higher, partly driven by Mercedes-Benz Group (MBG.F) after reporting its first-half earnings.RBC Capital Markets viewed the German luxury vehicle manufacturer's second-quarter results positively, noting that its adjusted EBIT of 2.30 billion euros and revenue of 32.06 billion euros surpassed consensus forecasts of 1.65 billion euros and 31.90 billion euros, respectively."Mercedes posted a strong Q2 beat vs consensus, highlighted by Car margins coming in at 4%, above the 3.5% consensus level. While mgmt did temper its '26 Revenue/volume guide for the full year, consensus was already below the prior guide... Importantly, Mercedes monetized EUR400M of its 35% Daimler Truck [DTG.F] stake (its stake would imply ~(Euro)12.5B), representing ~3% of MBG's interest. On the positive side, this does indicate that the company is serious about asset monetization, but it likely will be done over a long period of time considering the relatively small disposition size done in Q2," RBC wrote. Mercedes-Benz Group was up 2.88%, while Daimler Truck increased 3.75% at the end of the trading day.Outside the DAX index, photovoltaic projects developer Helios Solar (HE8.F) made its debut on the Frankfurt Stock Exchange's General Standard segment, opening at 4.15 euros per share.In geopolitical news, Gulf nations are reportedly supporting a proposal from Oman that will allow Iran to collect voluntary passage fees in the Strait of Hormuz to help restore disrupted oil trade, a source told Reuters. The report comes as US President Donald Trump noted "good talks" were underway, while threatening renewed strikes unless negotiations produced results."And while Iran's Foreign Ministry suggested that no formal negotiations were taking place with the US, we saw continued reporting of talks between Iran and Oman on re-opening the Strait of Hormuz," Deutsche Bank Research said. "There was also some more concerning news, not least with Houthi attacks on Saudi oil facilities over the weekend. But overall, the focus on talks sent front-month Brent crude -8.70% lower, while 6-month Brent futures were down -3.29% to $79.67 [per barrel]."Back home, the ifo Institute reported that German export expectations marginally improved in July, even as the industry still struggles with building momentum. The ifo export expectations ticked up to -3.3 points from June's -3.6 points, with increases projected in foreign sales across the electrical equipment, beverage, mechanical engineering, and food manufacturers.

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Asia Markets

Blue-chip DAX Index Up as German Business Climate Improves

The blue-chip DAX index started the trading week in the green, closing 1.04% higher on Monday, on the back of improving German business sentiment and a pause in Middle East hostilities.The ifo Institute's business climate indicator stood at 86.6 points in July, up from June's revised 85.7 points and the expected 86.1 points. The expectations indicator rose to 86.7 points from the revised 84.3 points, while the current conditions index ticked down to 86.5 points from 87 points."Normally, three consecutive increases in the Ifo index points would be a reason to party, celebrating increasing optimism in German businesses and higher hopes for an economic rebound in the second half of the year. However, in this highly volatile geopolitical environment, even leading indicators have become rather outdated," ING said. "Today's Ifo index reading probably reflects more the initial relief after the US-Iran Memorandum of Understanding than the recent surge in energy prices."Speaking of the Middle East war, Washington paused its military campaign against Tehran over the weekend following 13 nights of US strikes. Tehran also halted its retaliatory attacks, but Reuters reported that Iranian officials reaffirmed the country's control over the Strait of Hormuz while emphasizing it had not asked the US to resume peace talks."The main market risk remains the energy and shipping front. Traffic through Hormuz remains severely disrupted, while the conflict has broadened into the Red Sea, where Iran-backed Houthi forces reportedly launched missile and drone attacks against Saudi energy infrastructure around Jizan and Yanbu over the weekend, prompting retaliatory Saudi strikes. This raises the prospect of simultaneous disruption to both Gulf and Red Sea export routes. So a welcome pause from the main actors but a fragile one, especially with side battles still ongoing," Deutsche Bank Research wrote.On the economic data front, German import prices are expected on Wednesday, while Thursday releases include Germany's preliminary July inflation print as well as second-quarter gross domestic product figures for both Germany and the eurozone. Market watchers are also awaiting policy decisions from both the US Federal Reserve and the Bank of England this week.In corporate news, Hochtief (HOT.F) lost 2.95% as the German infrastructure group raised its full-year 2026 operational net profit outlook to between 1.03 billion euros and 1.10 billion euros, up 30% to 40% on an annual basis and against its previous forecast range of 950 million euros to 1.03 billion euros. The guidance upgrade was supported by "very strong demand" for its North American-based construction services company, Turner, within the data center segment.Meanwhile, Rheinmetall (RHM.F) secured an additional 60.5 million-euro order to supply heavy tractor units to the German Armed Forces. Under an expansion of a 2018 framework agreement, Rheinmetall MAN Military Vehicles will deliver 56 Elefant 2 transporters to the Bundeswehr in 2026 and 2027. The German arms manufacturer gained 1.25% at closing.

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Asia Markets

DAX Index Climbs; German Consumer Sentiment Set to Fall

Germany's blue-chip DAX index ended Friday's trading 1.36% in the green, balancing local consumer sentiment and business survey data against headwinds from new Chinese export controls, fresh US tariffs, and the sustained escalation of the Middle East conflict.German consumer sentiment is anticipated to slightly worsen in August, with the GfK consumer climate indicator ticking down to -29.6 points from the revised -29.3 points in July. Below the consensus estimate of -28.7 points, the reading reflects declining consumer income expectations alongside a persistent rise in willingness to save amid ongoing macroeconomic volatility.Meanwhile, business survey data compiled by S&P Global showed Germany's private sector returning to expansion territory in July, amid a "marked upturn" in manufacturing output and increased demand for goods and services. The S&P Global Flash Germany Composite PMI Output Index came in at a four-month high of 51.2, compared with the previous 49.5 and the expected 49.8."The German economy made a positive start to the third quarter, with the Composite PMI returning to growth territory after having [signaled] a three-month spell of contraction following the outbreak of war in the Middle East. However, given the escalating hostilities in the region in the past week or so, which have put renewed upward pressure on global energy prices, the path to a sustainable recovery still seems very much uncertain," S&P Global Market Intelligence Economics Associate Director Phil Smith said.In trade-related news, the European Union is among 60 countries hit by new US tariffs after a Section 301 investigation into allegations of failure to prohibit or ban imported goods made with "forced labor." The total duties for the bloc's goods will be capped at 10%, net of standard "most-favored" nation rates.Concurrently, trade headwinds emerged from the east, with China's Commerce Ministry adding Rheinmetall (RHM.F) and 13 other EU-based entities to its export control list over national security concerns. Effective immediately, the move blocks exporters and international third parties from supplying Chinese dual-use items to the blacklisted firms. The German arms maker was up 2.03% at closing.In other corporate updates, SAP (SAP.F) surged to the top spot on the blue-chip DAX, gaining 9.26%, after the German software company reported stronger half-year results, with total revenue rising to 19.43 billion euros from 18.04 billion euros a year earlier."Sentiment says apocalypse; the numbers say otherwise. SAP again delivers above-expectation cloud growth, proof its shift to the 'Autonomous Enterprise' and Business AI is landing. The share price trend stays negative, but the group is pivoting hard into AI via major M&A across Reltio, Dremio and Prior Labs, a bold bet that will weigh directly on margins," AlphaValue/Baader Europe wrote.

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Asia Markets

Germany's Blue-chip DAX Index Retreats as ECB Holds Rates

German shares fell on Thursday, with the blue-chip DAX index closing 1.56% lower, as investors assessed the European Central Bank's latest monetary policy decision alongside fresh corporate earnings and trading updates.In a widely expected move, the ECB kept its deposit facility rate at 2.25%, while maintaining the interest rates on the main refinancing operations and marginal lending facility at 2.40% and 2.65%, respectively. The central bank's Governing Council reiterated its data-dependent approach to rate decisions, noting continued uncertainty amid ongoing global trade disputes and geopolitical tensions."Through the rearview mirror, this decision clearly makes sense. Headline inflation has actually come down, there are very few signs of knock-on effects from higher energy prices, and the eurozone economy has shown some resilience to the current oil price shock. It's only survey-based inflation expectations that have gone up and will be a concern for the ECB. Looking ahead, however, the decision of whether to keep interest rates unchanged is not so straightforward," ING said.In other economic news, the euro area's consumer confidence index stood at -15.9 points in July, up from the revised -17.6 points in June, according to the European Commission's flash data. Analysts expected -17 points for the month.On the geopolitical front, market sentiment continues to be weighed down by a 12th consecutive night of US strikes on Iran, with US President Donald Trump threatening to destroy Iranian power plants and bridges if ships in the Strait of Hormuz are targeted and Tehran vowing retaliation in return. Concurrently, Iranian-aligned Houthis claimed attacks on two Saudi oil tankers in the Red Sea, putting further strain on crude markets.On the corporate side, Daimler Truck (DTG.F) was the top performer, climbing 3.93%, after upgrading its full-year 2026 outlook, including lifting its industrial business revenue guidance to between 43 billion euros and 47 billion euros from the previous target of 42 billion euros to 46 billion euros."Daimler Truck has issued an ad hoc announcement, raising its full-year guidance due to lower tariff costs and a stronger US truck market. We note that strong Class 8 order figures in June had already indicated a robust second half, and we welcome the US approval of Daimler's content application. As Daimler assembles approximately 70% of its trucks for North America in Mexico, higher US content significantly reduces Section 232 import tariffs for the company. Consequently, any potential miss on Q2 results will likely be overlooked, as investors will focus on the upgraded guidance for the current year and beyond," Deutsche Bank Research said.Meanwhile, Fresenius (FRE.F) launched a new 200 million-euro venture fund called Fresenius Ventures to deploy capital over the next five years into healthcare innovation. The fund will focus on areas such as precision nutrition, microbiome research, new modalities, and digital care provision. The therapy-focused healthcare company declined 1.65% at the end of the trading day.

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Asia Markets

German Stocks Rise Amid Corporate Earnings Buzz

German equities advanced on Wednesday, with the blue-chip DAX index rising 0.65%, as investors digested the latest batch of corporate earnings and trading updates alongside updates on the Middle East conflict.GEA Group (G1A.F) jumped 5.65% after raising its full-year 2026 guidance on a "very strong" second quarter and a "positive" outlook for the latter half of the year. The German systems and components supplier now forecasts organic revenue growth within the 6% to 8% range, versus previous projections of between 5% and 7%.Meanwhile, Airbus' (AIR.F) German stock became the top gainer on the index, climbing 6.92%, after unveiling its full-year 2029 financial targets and announcing the approval of its 5 billion-euro share repurchase program."Airbus (AIR-FR) hosted its 2026 Farnborough business update. The highlight of the update was the establishment of 2029 targets, calling for EUR12B - EUR13B in adj. EBIT, a ~1x [free cash flow] conversion ratio, and EUR5B share buyback program. Notably, the company provided a guide for its Airbus Commercial segment, anticipating ~EUR10B in adj. EBIT in FY29. We believe the outlook was more positive than investors' lowered expectations across several metrics (buybacks, EBIT ramp, long-term outlook), and should continue to support a re-rating on the shares," RBC Capital Markets wrote.On the geopolitical front, oil prices continue to trend upward as US Secretary of State Marco Rubio said at an Association of Southeast Asian Nations meeting in Manila, Philippines, that the US remains "open and willing" to negotiate with Iran but accused Tehran of not being "serious" about talks to end the war. The comments coincide with the widening conflict once again raising global supply risks, including the threats from Yemen's Houthis militia forcing Saudi oil reroutes away from the Red Sea and reciprocal attacks by the US and Iran spreading across neighboring Gulf states."So with no agreements in the pipeline, investors moved to price in a more sustained supply shock. For instance, the front-end Brent future was up +2.01% to $91.01 [per barrel] by yesterday's close, whilst the 6-month Brent future (+0.32%) also hit a 1-month high of $81.26/bbl. And that's continued this morning, with Brent crude up another +1.24% to $92.14/bbl," Deutsche Bank Research said.In trade news, a recent ifo Institute survey found that US tariff policy is "increasingly impacting" Germany's industrial companies and weighing on their investment decisions. Over 60% of surveyed firms reported negative impacts from the levies, with the automotive sector hit the hardest at 74%, a 14% jump from last year, as the sector faces higher tariffs and declining exports to the US.

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Asia Markets

DAX Index Blinks Green; German Economic Sentiment Improves

German shares climbed on Tuesday, with the blue-chip DAX index ending the trading session 0.59% in the green, as the market assessed the latest local economic sentiment survey against escalating tensions in the Middle East and reports of potential new tariffs.The ZEW economic sentiment indicator for Germany jumped to 26.3 points in July from June's 10.5 points, beating the consensus forecast of 15.1 points. The current situation index also improved by 3.4 points to -77.6 points, against the expected -77.8 points."The economic outlook continues to improve in July; it seems that the reforms are having an effect. Especially the export-oriented sectors as well as domestic demand experience sustained growth. Nevertheless, the uncertainty associated with the developments in the Iran conflict and the oil price remain a crucial factor affecting the prospects for a recovery of the German economy," ZEW President Achim Wambach said.Speaking of the war, Reuters reported, citing emails seen by the newswire, that Yemen's Iran-backed Houthi militia informed shipping companies that handling cargo at Saudi Arabian ports risks being targeted "in any location." The Houthis on Monday declared a naval blockade against the kingdom, further threatening global supply chains and energy trade as the US-Iran conflict broadens."The escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the region increases security of supply concerns and uncertainty over the market outlook. Threats to the Bab el-Mandeb Strait, which has become increasingly important as a route to bypass the Strait of Hormuz, exacerbate these concerns further," International Energy Agency Executive Director Fatih Birol said in a statement.In trade news, US officials are said to have drafted plans for President Donald Trump to roll out new tariffs on dozens of nations as the current 10% global rate is set to expire on Friday, London's Financial Times reported, citing sources briefed on the plans.On the corporate side, Zalando (ZAL.F) fell 0.42% after Germany's Federal Financial Supervisory Authority, or BaFin, concluded its review of the online fashion retailer's full-year 2025 financial statements, finding only "materially insignificant" omitted disclosure regarding its purchase of About You shares. Zalando said the investigation has zero impact on its financial performance and incurred no fines, except for "immaterial" procedural expenses.Outside the blue-chip index, BaFin launched an investigation into Jungheinrich's (JUN3.F) 2025 interim results over concerns that short-term rental trucks and inventories were overvalued. The intralogistics company noted its earnings for 2025 and 2026 are unaffected by the probe. Jungheinrich gained 0.48% on Xetra.

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Asia Markets

Blue-chip DAX Closes Flat; German Producer Prices Ease

German equities kicked off a new trading week little changed, with the blue-chip DAX index up 0.06% on Monday's close, as investors digested the latest industrial production data from the eurozone's largest economy.Destatis reported that Germany's producer prices rose 1.8% annually in June, cooling from 2.2% growth in May. The German Federal Statistical Office attributed the year-on-year increase to higher intermediate goods prices alongside an uptick in energy costs. Month-on-month, producer prices were 0.3% lower, against the expected 0.2% decline.On the geopolitical front, the US and Iran have reestablished backchannel diplomatic efforts following a weekend of military attacks. Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed with the media that Washington used intermediaries to restart talks. The diplomatic pivot comes after a series of US airstrikes in response to the deaths of three of its service members in Jordan and Iraq, alongside Iranian attacks targeting critical infrastructure in the Gulf.In corporate news, BASF (BAS.F) confirmed tothat it approached several banks regarding the planned initial public offering and Frankfurt listing of its Agricultural Solutions business. A spokesperson said the company is targeting mid-2027 for capital market readiness, though the exact listing timeline depends on market conditions. The German chemicals company lost 0.98% at the end of the session.Meanwhile, mwb Research upgraded its rating for Infineon Technologies (IFX.F) after a recent "sharp" share price pullback."Following the share-price correction, we believe the previous valuation asymmetry has largely closed. Infineon's strong positioning in AI power and the improving cyclical backdrop in core markets [are] now more appropriately balanced against the fundamentals and expectations. Therefore, we upgrade our recommendation to HOLD from SELL, while maintaining our EUR 60.00 price target, implying roughly 18.5x 2027E EV/EBIT," the research firm wrote. The German chipmaker was up 0.53%.In other news, Andy Burnham became the UK's newest prime minister after Keir Starmer formally stepped down from the post. Burnham is the country's 59th prime minister and its fifth in the past four years.

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Asia Markets

German Blue-chip DAX Index Closes Lower; Eurozone Inflation Cools

German shares ended Friday's trading in the red, with the blue-chip DAX index closing the week 0.34% lower, after the market digested the latest eurozone inflation print alongside updates on escalating tensions in the Middle East.According to final data from Eurostat, the euro area's annual inflation fell to 2.8% in June from 3.2% previously, in line with the flash estimate. Meanwhile, the annual core rate, which excludes energy, food, alcohol and tobacco, came in at 2.4%, consistent with the initial reading and below the prior month's 2.6%."Lower oil prices than the European Central Bank (ECB) expected and the absence of second-round effects on inflation will prompt the ECB to leave the deposit rate at 2.25% at its meeting on 23 July. ECB President Christine Lagarde will not provide any forward guidance at the press conference and will retain maximum flexibility for the remaining meetings this year. If there is no further significant escalation in the Middle East - and consequently in energy prices - we do not expect the ECB to raise interest rates any further," Berenberg said in a preview note.In geopolitical news, the US and Iran continue to exchange retaliatory attacks, as oil prices fluctuated throughout the trading session. Raising fears of further supply chain disruption, a Reuters report, citing three sources familiar with the matter, claimed Tehran instructed its Houthi allies in Yemen to prepare to block the Red Sea oil route if the US targets the Iranian power infrastructure.On the corporate front, Siemens Healthineers (SHL.F) was down 0.11%, as RBC Capital Markets forecasts midterm margin upside potential with projected growth acceleration starting in fiscal 2027 for the German healthcare company."We see SHL as well-positioned to deliver mid-to-high-[single-digit] core sales growth and [double-digit] earnings growth from FY27. Consensus looks conservative on mid-term margins and a potential Diagnostics carve-out offers optionality for deleveraging and capital reallocation. Although we lower our PT to EUR45/sh (from EUR55) on peer de-rating and near-term challenges, we retain our Outperform rating, with c.30% implied upside," RBC wrote.Outside the main index, Uniper (UN0.F) confirmed its plan to invest 5 billion euros through 2030 as part of its transformation strategy. According to the state-owned utility, half of the allocated amount will be for Germany, with a focus on flexible generation capacity. Uniper gained 1.18% on Xetra.Investors will look ahead next week to a slate of economic data, including June producer price index figures, the July ZEW Economic Sentiment Index and PMI readings, and the August GfK Consumer Confidence survey.

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Asia Markets

German Stocks Fall; Delivery Hero Gains Amid Takeover Deal

Germany's blue-chip DAX index extended its losing streak, closing 0.53% in the red on Thursday, while Delivery Hero (DHER.F) shares rose as it agreed to an acquisition offer from Uber Technologies (UT8.F).Delivery Hero shareholders are being offered 41.50 euros per share under the ride-hailing giant's voluntary takeover bid, which values the food delivery platform at $14.8 billion, or $13.7 billion when adjusted for Uber's previous stake purchases."The weeks since Uber's potential takeover offer in May appear to have been used to put in place a deal structure addressing the transaction's regulatory and financial complexity, notably through the parallel carve-out to SSW Partners. With Uber's existing position and irrevocable tender commitments materially reducing acceptance risk, we raise our price target to EUR 41.50 [from EUR 33] and recommend shareholders tender their shares into the offer. SELL (before: HOLD)," mwb Research said. Delivery Hero was up 0.13% on Xetra, while Uber's Frankfurt-listed shares lost 0.17%.On the geopolitical front, media reports claimed US President Donald Trump is weighing a potential expansion of military operations in Iran after a series of meetings with his top aides. The Wall Street Journal reported that proposed actions include escalating airstrikes, ground troop deployment to capture Iranian islands near the Strait of Hormuz, and bombing fortified sites suspected of housing covert nuclear operations."With Strait traffic contracting in recent days, the prospect of a regression to a pre-[memorandum of understanding] environment has spurred a resurgence in concern about inventory levels; we estimate that since the MoU, we have seen incremental crude exports from the Mideast Gulf equivalent to an additional ~40-day buffer for global inventories," RBC Capital Markets wrote.Closer to home, the euro area recorded a trade deficit of 7.8 billion euros in May, against a revised deficit of 1.2 billion euros in April and the consensus estimate of 2.8 billion euros. Eurostat reported that exports of goods to the rest of the world ticked up 0.1% year over year to 243.6 billion euros, while imports rose 10% to 251.4 billion euros.

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Asia Markets

Germany's DAX Index Slips; BASF Shares Drop After Preliminary Q2 Update

German shares ended Wednesday on a downbeat note, with the blue-chip DAX index closing 0.51% lower, as the market weighed fresh earnings and corporate updates alongside news on tensions in the Middle East.BASF (BAS.F) was one of the index's worst-performing stocks, ending the session 2.93% in the red, after the publication of its preliminary second-quarter results. Investors looked past the German chemical company's year-over-year sales jump to 17.2 billion euros from 14.8 billion euros, choosing instead to focus on BASF's negative free cash flow for the quarter and a downgraded macroeconomic outlook impacted by the geopolitical volatility caused by the US-Iran war.Meanwhile, BofA Global Research cut the price objective of Rheinmetall's (RHM.F) buy-rated stock to 1,300 euros from 1,770 euros, citing concerns about the defense group's weapons and ammunition growth outlook amid shifting procurement priorities."Weapons & Ammunition (W&A) remains the largest division in Rheinmetall's 2030 framework. At the [capital markets day], management outlined a path to EUR14-16bn of revenue & c.30% EBIT margins by 2030, driven by artillery, medium-calibre ammo and missiles. However, the conflicts in Ukraine and the Middle East increasingly demonstrate the importance of drones and precision strike systems, which we believe will divert spending away from traditional artillery," BofA wrote.Separately, Rheinmetall said it signed a memorandum of understanding with Space Norway to strengthen the joint development of space-based defense technologies, particularly related to maritime domain awareness. Rheinmetall lost 0.33% at the end of the trading day.On the geopolitical front, oil prices continued to climb as the US initiated fresh strikes and reimposed its naval blockade against Iran, while Tehran threatened to disrupt more regional energy exports in retaliation. The tit-for-tat attacks come as US President Donald Trump abandoned a planned 20% Strait of Hormuz shipping tax in favor of "Trade and Investment Deals that the various Gulf States will be making into the United States.""As confidence in the security of the Strait continues to erode, markets will increasingly need to price in the prospect of more prolonged supply disruptions, a shift that has already contributed to firmer global gas prices over the past week," Rystad Energy said in a gas and liquefied natural gas market update.In economic news, Eurostat data showed a 0.2% monthly decline in the euro area's industrial production for May, compared with a revised 0.3% increase in the previous month and a market forecast of a 0.3% gain. Annual eurozone industrial production fell by 1.2%, against the revised 0.4% growth earlier and the expected 0.5% decline.

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Asia Markets

German Equities Close Higher; US-Iran Tensions Flare

Germany's blue-chip DAX index was in the green on Tuesday, closing 0.12% higher, following US threats to block Iranian ports again and impose a 20% transit fee on vessels passing through the Strait of Hormuz."Whether this is actually being implemented cannot be definitively assessed as of this morning. We doubt, however, that the U.S. is militarily capable of securing the route in such a way that ship transit is possible without any danger. Instead, this seems to us to be more of a negotiating tactic intended to pressure Iran into making concessions during the negotiations," Metzler Capital Markets said.On the geoeconomic front, an ifo Institute study warned that the European Union faces the risk of failing to achieve its critical raw material independence targets amid a lack of concrete projects and inadequate geological data. To secure the resources needed for technologies required for segments like defense, renewables and semiconductor manufacturing, ifo researcher Isabella Gourevich urged the EU to move past declarations of intent and immediately fund partnerships and local mining projects, noting that developing untapped deposits could take up to 18 years.In local economic news, Germany's selling prices in wholesale trade were up 4.9% year over year in June, after a 5.9% increase in May. Monthly wholesale prices were 0.7% lower, compared with the consensus estimate of a 0.5% gain. Destatis mainly attributed the increase to the Middle East conflict, which drove prices of energy products and raw materials higher.On the corporate side, Deutsche Bank (DBK.F) partnered with the World Bank Group's Multilateral Investment Guarantee Agency on a 1 billion-euro platform to expand trade finance in emerging and frontier markets. As part of the deal, the agency will offer guarantees to the German lender against non-payment risks from eligible state-owned banks. Deutsche Bank gained 1.52% at closing.Meanwhile, Deutsche Bank Research trimmed the price target of Carl Zeiss Meditec's (AFX.F) hold-rated stock to 28 euros from 30 euros amid concerns that its fiscal 2026 guidance "looks like a stretch" ahead of the company's fiscal third-quarter results due on Aug. 6."On the earnings front, however, we expect a 7% year-over-year decline in adjusted EBITA, implying a margin of 9.8% (-110bps). This would bring our nine-month margin forecast to 7.5%, meaning a significant acceleration would be needed in the fourth quarter to reach the full-year guidance range of 8-10%. Achieving this appears to be a stretch, as it also relies on improving refractive laser procedure trends in China. Consequently, we would not be surprised if management points toward the low end of the guidance range with the results; our own forecast currently sits in the lower half of this range," the research firm said. The medical technology company ended the trading day 10.77% in the red.

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Asia Markets

DAX Index Ticks Up; German Current Account Falls

German equities closed the first trading day of the week higher, with the blue-chip DAX index up 0.19% at Monday's close, as the market assessed the latest economic data from the eurozone's largest economy alongside geopolitical updates.Germany posted a current account surplus of 10.4 billion euros in May, down by 6.2 billion euros month over month. The Bundesbank attributed the latest reading to a slight increase in trade surplus in goods, alongside a swing to deficit from surplus in so-called invisible current account transactions.Zooming out, the European Union and Bahrain launched negotiations on a strategic partnership agreement aimed at improving economic cooperation, resilience and innovation.On the Middle East war, multiple rounds of US airstrikes on Iranian defense systems and subsequent regional retaliation by Tehran sharply escalated the conflict over the weekend."The European gas market continues to look increasingly vulnerable to supply disruptions from the Persian Gulf. ... EU gas storage is currently less than 52% full, compared with a 5-year average of 67%. Continued supply tightness has coincided with heatwaves across Europe, increasing gas demand for power generation," ING said.In corporate news, Rheinmetall (RHM.F) said its share of a 15-year UK Army Collective Training System contract is worth just under 1 billion euros, as part of the involvement of its Rheinmetall Electronics UK unit with the Raytheon UK-led consortium. The German defense company will begin designing and delivering the land-based program in summer 2026. Rheinmetall was down 0.79% at closing.Maintaining its sell rating and price target of 62 euros, mwb Research cautioned that "stalling" domestic passenger volumes make Fraport's (FRA.F) full-year 2026 targets look "increasingly vulnerable.""Fraport's weak June and H1 traffic figures highlight a fragile domestic growth trajectory, with Frankfurt passenger volumes down 1.7% in June yoy and 0.8% in H1 yoy due to Lufthansa [LHA.F] strikes, high jet fuel prices, and geopolitical conflict in Iran. This stagnation creates an unfortunate mismatch with the April opening of the EUR 4bn Terminal 3 which adds 19m in annual passenger capacity and significantly escalates fixed costs. While a 1.0% increase in H1 group passengers offered minor cushion via international growth, performance there remains highly uneven," the research firm said. The Frankfurt airport operator gained 1.80% on Xetra, while Deutsche Lufthansa ended the session 4.14% in the red.

^DAX$FRA.F$LHA.F$RHM.F
Asia Markets

German Stocks End Week Lower; Bayer Falls Amid Apollo Deal

German shares closed the trading week lower, with the blue-chip DAX index 0.13% in the red on Friday, as investors assessed oil price movements amid renewed US-Iran tensions to gauge potential changes in upcoming central bank decisions."Geopolitical headlines and uncertainty on the durability of the peace deal in Iran are back. The oil price has increased from just above USD 70 per barrel to just below USD 80 over the last couple of days. We doubt this movement is large enough to "obviously" impact central bank decisions in September, but risk balances shift slightly," BofA Global Research said. "The renewed increase in oil prices marginally supports our assumption that the ECB is still more likely than not to hike again in September."For the week ahead, the economic data calendar includes the latest wholesale price report for Germany on July 14, while the eurozone industrial production report for June is due on July 15. Final June inflation prints from Spain and Italy are also due next week.On the corporate front, Bayer (BAYN.F) agreed to sell a minority, noncontrolling stake in its long-acting reversible contraceptives business to Apollo-managed funds and affiliates in exchange for 3 billion euros in equity capital. The German life sciences company said it will retain "complete operational control" of the business following the investment. The stock was down 1.03% at closing.Volkswagen (VOW.F) was also in the red during the trading session, closing 1.02% lower, as the executive board unveiled its future strategy, aiming to become "the most attractive automotive company in the world" by 2030. The proposed measures include an up to 50% reduction in the group's model lineup."The announcement lacks details on the timetable, costs and implications, as all these aspects still need to be agreed with the unions. The direction, however, is clear: a smaller, more efficient and less complex company focusing on the most profitable market segments. The emphasis will, of course, be on implementation; we doubt that the market will place much trust in VW," Metzler Capital Markets said.

^DAX$BAYN.F$VOW.F
Asia Markets

German DAX Index Climbs; SAP Slips After EU Accepts Antitrust Commitments

Germany's blue-chip DAX index recovered, closing 0.89% higher on Thursday, after investor caution resurfaced as the US and Iran traded strikes for a second straight day."All that led to a clear reaction for oil prices, with Brent crude (+5.20%) posting its biggest daily gain since May 4th, peaking at $80.59 [per barrel] but closing a couple of dollars lower. For reference, that's still a long way beneath its recent peak in absolute terms, having approached $120/bbl during the initial phase of the conflict. But it's a clear shift away from the downward trajectory for oil back in Q2, and the various headlines revived fears about a more persistent inflationary shock," Deutsche Bank Research said.In other geopolitical news, Germany secured US approval to purchase RTX's Raytheon-manufactured Tomahawk cruise missiles, The Defense Post reported, citing a parliamentary statement by German Chancellor Friedrich Merz. The deal for the long-range missiles was struck on the sidelines of the NATO meeting in Ankara, Turkey.On the trade front, the Federal Statistical Office reported that Germany's calendar and seasonally adjusted trade surplus was 19.1 billion euros in May, above the revised 14.7 billion euros in April and the market forecast of 14.9 billion euros.Exports ticked up 0.9% month over month, against the revised 0.8% gain and the expected 0.3% decline. Meanwhile, monthly imports fell 2.5%, compared with the revised 1.1% growth previously and the consensus estimate of a 0.1% increase.On the corporate side, SAP (SAP.F) was one of the index's worst performers, closing 0.16% in the red, after the European Commission made the German software company's antitrust commitments legally binding to resolve competition concerns regarding its on-premises software aftermarket support.Meanwhile, Deutsche Bank Research upgraded its price target for Schott Pharma's (1SXP.F) buy-rated stock to 23 euros from 22 euros after the drug containment and delivery group published its preliminary fiscal third-quarter results."Schott Pharma has pre-released stronger-than-expected Q3 results, with preliminary figures pointing to 8% organic sales growth and a 27% EBITDA margin, coming in 4% and 2% ahead of consensus, respectively. Furthermore, the company has raised its FY26 guidance, now projecting 5-6% organic sales growth (up from 2-5%) and an EBITDA margin of 27-28% (previously ~27%), which should drive consensus earnings estimates up by around 4%. The company attributed the raised outlook to strong business performance and a newly reached agreement with a key customer for glass syringes," the research firm said, adding that the beat and guidance raise should act as a major catalyst for the stock. Schott Pharma was up 13.51% on Xetra.

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Asia Markets

German Shares Fall as US-Iran Tensions Reignite

Germany's blue-chip DAX index extended its losing streak, closing 2.35% lower on Wednesday, as renewed US-Iran conflict dragged the vast majority of its constituents.Following recent shipping attacks in the Strait of Hormuz, US forces struck over 80 Iranian targets, including air defense systems, command networks, and missile capabilities. This military action was paired with a US Treasury decision to revoke an Iranian oil-sale waiver. In response, Iran's ​Revolutionary Guards said they targeted US military bases in Bahrain and Kuwait.After these latest attacks, US President Donald Trump said the interim memorandum of understanding with Iran was "over," signaling an unwillingness to pursue further diplomacy with Tehran."The developments have reignited concerns about energy supplies and geopolitical risk, helping Brent crude rise more than 2% and trade near $76 [per barrel] this morning after rising more than 5% yesterday, driven by the fresh attacks on ships in the Strait of Hormuz, with Monday seeing the most incidents since the US-Iran interim agreement came into effect on June 17," Deutsche Bank Research said.Meanwhile, the International Monetary Fund cut its growth forecasts for Germany and the euro area, citing the impact of the Middle East war on energy prices and consumer confidence, as well as the accelerating global technology cycle. The IMF now expects Germany's economy to expand 0.7% in 2026 and 1% in 2027, down from its April forecasts of 0.8% and 1.2%, respectively, while lowering its 2026 eurozone growth projection to 0.9% from 1.1%. It left its 2027 eurozone forecast unchanged at 1.2%.In corporate news, Mercedes-Benz Group (MBG.F) reported first-half sales of 1,011,500 cars and vans, marking a 6% decline from a year ago. Car sales fell 7% to 837,200 units, while van deliveries slid 1% to 174,300 units. The German automotive company shed 4.18% at closing.Meanwhile, Berenberg increased its price target and earnings forecasts for the buy-rated Scout24 (G24.F) on the artificial intelligence-supported growth outlook."We strongly believe that instead of a headwind, artificial intelligence (AI) can provide a tailwind for real estate classifieds in general, and for Scout24 in particular. We believe that Scout24 is at the forefront of AI innovation. As such, we overhaul our mid- and long-term outlook for the company, as we expect accelerating revenue and earnings growth driven by AI initiatives. We raise our 12-month price target to EUR140 [from EUR100] but see the potential for the shares to more than double to EUR180 on a three-year investment horizon," the research firm wrote. The German real estate portal operator ended the session 1.50% in the red.

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Asia Markets

Blue-chip DAX Index Rises; German Private Sector Contraction Slows

German shares ended the last trading day of the week in the green, as the market assessed the latest private sector data.At Friday's close, the blue-chip DAX index was up 0.78%.Business survey data compiled by S&P Global showed an easing contraction in Germany's private sector, with manufacturing gains overshadowed by a persistent, albeit moderating, downturn in service sector activity. The final S&P Global Germany Composite PMI Output Index stood at 49.5 in June, up from the previous 48.8 and the flash estimate of 48."Encouragingly, cost pressures subsided considerably across the service sector in June, helped by the reduced price of fuel. However, the dynamics for the coming months are somewhat unclear, as whilst global oil prices have fallen closer to pre-conflict levels, the temporary fuel tax cut has now ended and developments in the Middle East remain unpredictable," S&P Global Market Intelligence economics associate director Phil Smith said.Zooming out, the final seasonally adjusted S&P Global Eurozone Composite PMI Output Index hit a three-month high of 50 in June, against the 48.5 previously and the flash estimate of 49.5, marking the index's return to expansion territory. The euro area's private sector stabilized for the month, as an expansion in manufacturing output offset a slowing decline in services activity.In corporate updates, Deutsche Bank Research cut its price target for Rheinmetall's (RHM.F) buy-rated stock to 1,800 euros from 2,100 euros ahead of the German arms maker's second-quarter earnings report on Aug. 6."After the [Federal Ministry of Defence] scrapped the F126 program, the focus of the quarter will no longer be on reaching the EUR20bn order indication the company had initially given but clearly on delivering the guided Q2 top-line growth. In an ad hoc release before the pre-close call, the company confirmed the Q2-26 top-line message, which is a positive and in line with our thinking. On the other hand, unsurprisingly, the company points to a shortfall versus the EUR20bn order intake guide. Furthermore, Rheinmetall quantified the F126 financial fallout with a surprising FY26 impact," the research firm wrote, noting it maintained a "positive view" on the stock. Rheinmetall lost 1.94% at the end of the session.Fellow defense company Renk Group (R3NK.F) fell 0.98% after agreeing to buy UK-based high-precision gearbox manufacturer David Brown Defence through a purchase of shares in DB Defence Holdco. The military and civilian propulsion systems maker expects the deal will bolster its naval defense business.

^DAX$R3NK.F$RHM.F
Asia Markets

German DAX Index Climbs as Berlin Rolls Out Economic Reform Package

German equities closed Thursday's session higher, with the blue-chip DAX index gaining 2.16%, after German Chancellor Friedrich Merz's ruling coalition unveiled a comprehensive economic stimulus package.The measures include 10 billion euros in annual tax cuts for lower-income groups, pension reforms, initiatives to expand affordable housing, and a plan to target welfare fraud, among others."The reform package shows that both coalition partners were willing to compromise and that the government is embarking on structural reforms to be implemented by year-end. This should bode well for sentiment and dovetails with our forecast that growth will pick up in the second half of the year," Deutsche Bank Research said.In geopolitical news, Qatar's Foreign Ministry spokesperson Majed Al Ansari said in a social media post that indirect technical talks for a US-Iran peace deal in Doha yielded "positive progress" on select elements of the June memorandum of understanding. The next round of talks is scheduled to resume "at the earliest possible time" after the state funeral and processions for Iran's late Supreme Leader Ayatollah Ali Khamenei, according to the Qatari ministry official.On the corporate front, Bayer (BAYN.F) was up 8.90%, rising to the top of the blue-chip index, after announcing plans to move its US glyphosate operations under a newly established holding company called Ruveon. The German pharmaceuticals and crop science group aims to streamline its Roundup weedkiller business and tailor its operations to the US market.Separately, Deutsche Bank Research upgraded Bayer to buy from hold and increased its price target by 33.3% to 60 euros following last week's major US Supreme Court victory ruling in its favor on glyphosate failure-to-warn claims. "This ruling makes the settlement considerably more likely to hold. All in all, we believe it should effectively cap the glyphosate exposure within existing provisions," the research firm wrote, noting that investor focus should begin shifting back to fundamentals.Meanwhile, European land defense group KNDS paused its planned initial public offering and market listing in Frankfurt and Paris, citing current defense sector volatility. The company's shareholders plan to resume the process once market conditions improve.

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Asia Markets

Germany's DAX Index Gains as Eurozone Inflation Slows

German shares ended the session in the green on Wednesday, with the blue-chip DAX index rising 0.18%, after the release of key economic data, including the eurozone's latest inflation print and manufacturing PMI survey results.Flash data from Eurostat showed that annual inflation in the euro area was 2.8% in June, against May's 3.2% and the market forecast of 3%. Meanwhile, the core rate, which excludes energy, food, alcohol and tobacco, stood at 2.4%, down from the previous 2.6% and the expected 2.5%."The drop in June was in part related to oil price declines, which are starting to translate into lower prices at the pump... Then again, the question is whether current favourable oil price levels can persist. As the Dutch and Germans found out at the World Cup, temporary excitement can quickly turn to misery if the underlying fundamentals remain shaky. But even at somewhat higher prices, it seems that worst-case scenarios have become less likely," ING wrote.Back home, S&P Global reported that the final headline German Manufacturing PMI ticked up to 50.3 in June from 50.1 a month ago, above the flash estimate of 50 and near the 50-point no-change mark. The sector remained in expansion territory as a small, renewed increase in new orders lifted output amid the first signs of easing cost headwinds.On the geopolitical front, US President Donald Trump said discussions with Iran in Qatar had been constructive and would continue. The talks have raised expectations for further diplomatic progress towards a lasting ceasefire.In corporate news, Rheinmetall (RHM.F) was the DAX index's top stock, climbing 6.07%, as the German arms maker finalized its purchase of a 51% majority interest in Croatia-based Dok-Ing from founder and previous sole owner Vjekoslav Majetić, who will retain a 49% share. The acquisition of the company, which will be renamed Rheinmetall Unmanned Vehicles, expands Rheinmetall's portfolio to include unmanned vehicles.Meanwhile, Deutsche Bank Research upgraded Nordex Group's (NDX1.F) price target to 61 euros from 59 euros and reiterated its buy rating ahead of the German wind turbine manufacturer's second-quarter earnings report on July 29."We expect a 5% beat on the Q2 Project order intake, a +2% beat on Q2 group revenues and a +5% beat on adj EBITDA vs consensus. Positives in the quarter include the 1st sizable set of US orders in a while and good weather and supply chain-positive for installations and margins," Deutsche Bank wrote. Nordex gained 0.78% at closing.

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