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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.

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Asia Markets

DAX Index Gains as UAE Commits EUR40 Billion Investment in Germany

The blue-chip DAX index rebounded on Friday, closing 0.82% higher, after Germany secured a 40 billion-euro investment commitment from the United Arab Emirates.Announced during UAE President Mohamed bin Zayed Al Nahyan's ongoing state visit to Germany, the planned investment is intended to support the industrial competitiveness and "technological leadership" of the eurozone's largest economy.Meanwhile, global markets faced escalating geopolitical risks after Reuters reported that Iran-backed Houthi forces had seized the Yemeni Red Sea port city of Mocha and reached Perim Island in the Bab el-Mandeb Strait. The news outlet said Houthi control of the strategic waterway could give Iran a "critical advantage" in its conflict with the US by threatening a second major energy transit route.Back home, Germany posted a current account surplus of 21.2 billion euros in July, up 2.3 billion euros month over month. Bundesbank attributed the higher surplus to an increase in the trade surplus for goods, alongside a decline in the surplus from so-called invisible current-account transactions.On the corporate side, BASF (BAS.F) lost 2.83% after its unit agreed to sell 133 million shares in London-listed oil and gas company Harbour Energy at 2.66 pounds sterling each, lowering its voting rights to 16%. The deal includes a placement of 80 million shares and Harbour Energy's repurchase of 53 million shares at the placing price.Outside the main index, United Internet AG (UTDI.F) unveiled comprehensive restructuring initiatives across its core units, including Ionos Group (IOS.F) and 1&1 AG's (1U1.F) business enterprise subsidiary, 1&1 Versatel. Mwb Research noted the move as efficiency measures intended to support the companies' growth."The restructuring aims to improve competitiveness and fund future growth, resulting in approximately 800 job reductions and EUR 95m in one-off expenses in FY26. Once fully implemented, management expects annual savings of approximately EUR 55m. However, as the majority of these proceeds will be reinvested into AI and network modernization, the near-term uplift to profitability remains limited... We view these efficiency measures positively for the medium term, though near-term execution remains key," the research firm wrote. At the end of the trading day, United Internet AG was down 0.65%, while Ionos Group gained 1.94% and 1&1 AG was flat.

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Asia Markets

Germany's DAX Index Closes Lower as ECB Lifts Interest Rates

German equities remained in the red on Thursday, with the blue-chip DAX index falling 0.69%, as the European Central Bank raised its three key rates.In a widely expected move, the ECB lifted its interest rates on the deposit facility, the main refinancing operations and the marginal lending facility by 25 basis points to 2.50%, 2.65% and 2.90%, respectively, effective Sept. 16. The central bank said uncertainty over the outlook remains high, with an upside risk to inflation and a downside risk to economic growth."The ECB's interest rate hike announced today is inevitable," ifo President Clemens Fuest said, adding that eurozone inflation is currently above 3%. "Inflation is slightly lower in Germany. Given that the economy remains quite weak despite some rays of hope, the interest rate hike comes at an inopportune time for Germany. However, the ECB has a mandate to conduct monetary policy for the entire eurozone."Back home, final data from Destatis confirmed that Germany's annual inflation rate climbed to 2.9% in August from 2.8% in July. The annual core inflation rate, which excludes food and energy prices, stood at 2.4%, unchanged from the previous month. Higher energy costs from the war in Iran drove August inflation, hitting motor fuel prices hardest, according to Federal Statistical Office President Ruth Brand.On the US-Iran war, media reports signal limited prospects of near-term de-escalation as both sides are supposedly bracing for a prolonged conflict. According to Bloomberg, a senior Iranian official stated the country is prepared to step up fighting if US strikes continue. Meanwhile, The Wall Street Journal reported that White House advisers warned President Donald Trump the war could persist through the end of his presidency, contrary to Trump's public assurances of an immediate end to the war.In corporate updates, Rheinmetall's (RHM.F) American Rheinmetall unit landed a $7.3 million US Marine Corps deal to supply 12 Mission Master SP autonomous ground vehicles. The contract includes five amphibious kits, technical support, logistics, and operator training to boost Marine logistics and mobility. The German arms maker gained 0.69% at closing.

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Asia Markets

German Stocks Join European Retreat Amid Further Middle East Conflict Escalation

Germany's blue-chip DAX index was down 1.66% at Wednesday's close, joining a regional retreat in Europe, as intensifying tit-for-tat attacks between the US and Iran in the Middle East continue to stoke supply and inflation concerns.Iran reported targeting 10 ships near the Strait of Hormuz and firing at a US-used base in Jordan in retaliation for the five Iranian oil tankers destroyed by the US. The rapid escalation sent Brent crude past the $100-a-barrel threshold for the first time since July, according to Reuters.On the policy front, the European Commission proposed a European Innovation Act aimed at improving access to financing for innovative companies and helping them scale across the bloc. The proposal includes a common framework for valuing intellectual property and measures to facilitate research and development procurement.In corporate news, Deutsche Lufthansa's (LHA.F) Swiss International Air Lines, d/b/a Swiss, is adjusting its flight schedules. Swiss announced the resumption of its daily Zurich-Dubai flights on Oct. 27, saying it will continue to monitor the security situation closely. The German airline ended the trading day 1.23% in the red.Deutsche Börse (DB1.F) lost 2.28% as it placed 600 million euros of unsubordinated, unsecured convertible bonds, with proceeds going to general corporate purposes, including the refinancing of existing debt. The bonds will be redeemed at maturity on Sept. 16, 2031, unless previously converted, redeemed or repurchased and canceled.Meanwhile, Mutares (MUX.F) closed the sale of Dutch heat transfer technology specialist NEM Energy Group to Hyundai Heavy Industries Power Systems, a subsidiary of South Korea-listed MiCo. The German private equity firm was down 1.73% at the end of the session.

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Asia Markets

Blue-chip DAX Index Little Changed; German Trade Surplus Widens

Germany's blue-chip DAX closed 0.05% in the red on Tuesday as investors evaluated fresh trade data against the backdrop of ongoing geopolitical uncertainty in the Middle East.The Federal Statistical Office reported that Germany's calendar and seasonally adjusted trade surplus was 21.3 billion euros in July, compared with 15.4 billion euros in June and the market forecast of 16 billion euros. Month-over-month exports ticked down 0.8%, against the 0.9% gain earlier and the expected zero growth, while imports dropped 5.7%, following a revised 4.5% increase.Speaking of trade, exports and digitalization helped improve business sentiment in the German electronics industry, with companies holding a "significantly more optimistic" outlook, according to the ifo Institute. The sector's business climate indicator rose to 16 points in August 2026 from 10 points a month ago, marking the index's strongest reading since May 2023."The expansion of data centers, investments in artificial intelligence, and automation in customer industries are having a direct impact on the order books. This is no short-lived flash in the pan, but the result of long-term investments that will boost the industry for some time to come," ifo expert Klaus Wohlrabe said.In geopolitical news, Middle East tensions escalated sharply, as Tehran announced plans to enforce a new "maritime exclusion zone" amid ongoing reciprocal US-Iranian tanker strikes. Concurrently, Iran-backed Houthi forces in Yemen expanded the regional conflict by launching attacks on US ally Saudi Arabia, hitting key oil installations.On the corporate side, DWS Group (DWS.F) will rebrand its global identity to Deutsche Asset Management in early November, while keeping its parent company name and ticker unchanged. The majority Deutsche Bank-owned (DBK.F) asset manager said the move highlights its "German and European heritage" while reflecting its international growth ambitions. DWS Group was up 3.10% on Xetra, while Deutsche Bank gained 0.59%.Meanwhile, BofA Global Research lifted its price objective for Siemens AG (SIE.F) to 330 euros from 317 euros, amid expectations of accelerating growth for the German technology group's Smart Infrastructure business. The stock closed 0.81% in the green."We raise our medium-term estimates for Siemens, reflecting a more constructive outlook for Smart Infrastructure, where end-market demand remains supported by continued investment in data centres, power distribution and grid modernization. While our estimate changes are relatively modest at the group level, we expect Smart Infra will deliver a stronger and more durable growth profile than reflected in consensus," the research firm wrote.

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Asia Markets

DAX Index Down; German Industrial Output Drops

The blue-chip DAX index closed Monday trading 0.25% lower, as the market weighed Germany's latest industrial production figures, domestic political shifts and escalating weekend US-Iran strikes.According to Destatis, industrial output in July was down 1.1% month over month, against a revised zero growth and an expected 0.1% gain. The downturn was mainly attributed to a 9.2% month-over-month drop in automotive production, likely due to a multi-week factory shutdown.Zooming out, Eurostat's third estimate showed the eurozone's gross domestic product edging up 0.6% in the second quarter, revised upward from the second estimate's 0.4% uptick and following the prior three-month period's zero growth. Household consumption contributed 0.2 percentage points to quarter-on-quarter GDP growth in the euro area.On the political front, investors digested the AfD's victory in Saxony-Anhalt, where the right-wing party won 43.8% of the vote, falling short of an outright majority, while Chancellor Friedrich Merz's CDU party's vote share was nearly cut in half to 17.2%, Reuters reported. "The result confirms AfD's momentum, though mainstream parties rule out a coalition and the direct federal impact is limited," Danske Bank wrote.For the week ahead, the market is expected to focus on the European Central Bank's policy decision on Thursday, the same day as the release of Germany's final August inflation print. Market watchers are also awaiting the August producer price and inflation reports for the US due on Thursday and Friday, respectively.In corporate news, Volkswagen (VOW.F, VOW3.F) signed an agreement to potentially sell its Osnabrück, Germany, facility to Israel's Aurelius Capital and the German state of Lower Saxony, aiming to preserve jobs by transforming the site into a defense and security competence center. The carmaker was down 0.73% at closing.Meanwhile, BofA Global Research upgraded Nordex's (NDX1.F) rating and raised its price objective to 54 euros from 50 euros, saying improving fundamentals for the wind turbine manufacturer support additional estimate upgrades."We upgrade Nordex to Buy from Neutral after large recent underperformance (stock down 26% since 5 May high vs SXNP +4%) as we now see significant further earnings upgrades ahead. In particular, we see further German vol growth, recent US orders and a stable supply chain underpinning 3/21% upside to 2026/27 adj EBITDA consensus (we raise estimates 0/8%). Mgmt could also list their mid-term margin guide to 11-13% (from 10-12%, 2028 cons 11.3%) next Feb, in our view," the research firm wrote. Nordex surged 10.50% on Xetra.

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Asia Markets

German Shares Rally; Volkswagen Surges on Approved Transformation Plan

German equities gained on Friday, with the blue-chip DAX index closing 0.17% higher, as Volkswagen (VOW.F, VOW3.F) announced the approval of the "most extensive transformation program" in its history.The German carmaker surged to the top of the DAX, rising 6.10%, after its supervisory board approved its Future Plan 2030 transformation strategy. The plan focuses on structural simplification, production competitiveness, and workforce realignment, which includes cutting 50,000 positions across the group."To be clear, today's agreement does not solve Volkswagen's challenges overnight. It merely marks the beginning of the next phase, and execution remains key. However, it removes one of the biggest investor concerns: whether the company is still capable of making the difficult decisions required to address them," Deutsche Bank Research said.Following Volkswagen's announcement, Porsche Automobil Holding (PAH3.F), d/b/a Porsche SE, committed to offering continued support for the transformation efforts at its core investment. The holding company owns 53.3% of the ordinary shares and 31.9% of the subscribed capital of Volkswagen. Porsche SE climbed 3.96% at the end of the trading session.In economic news, Germany's new manufacturing orders rose 2.5% month over month in July, beating an expected 0.3% uptick and following a revised 3.7% increase in June. The headline result was driven primarily by major contracts across aircraft, trains and ships, where a 126.4% jump in heavy transport orders helped offset a 12.5% drop in the automotive sector.Meanwhile, Germany's construction sector remained in contraction territory in August, although the rate of decline in total activity markedly slowed as commercial activity bounced back for the first time in over a year. According to S&P Global, the German Construction PMI Total Activity Index rose to an eight-month high of 48.7 from 42.1 in July, nearing the 50-point neutral mark.On the geopolitical front, Reuters reported, citing three senior Iranian sources, that increasing US efforts to choke off Iran's oil exports and foreign financing are pushing the country into a critical economic position. While Washington aims to leverage this strain to force long-sought negotiations, Tehran's warnings of potential military retaliation could further escalate the conflict, the publication added.

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Asia Markets

DAX Index Closes Higher; German Private Sector Growth Accelerates

German shares ended Thursday in the green, with the blue-chip DAX index rising 0.65% at closing, as the market evaluated the latest domestic economic data, including final PMI results.Business survey data compiled by S&P Global showed Germany's private sector growth sustained its upward trajectory in August, amid an increase in new business and export sales in the manufacturing segment. The final S&P Global Germany Composite PMI Output Index stood at a five-month high of 51.8, above the previous 51.3 and the flash estimate of 51.Meanwhile, the ifo Institute lifted its 2026 and 2027 price-adjusted gross domestic product growth projections for Germany to 1.4% and 1.2%, respectively, in its autumn economic forecast. The latest figures compare with the previous GDP growth estimate of 0.8% for both years. For 2028, the German economy is expected to grow by 0.8%."Expansionary fiscal policy in Germany and growing impetus from abroad prevented a more severe economic slowdown due to the energy price shock. Value added increased particularly in the manufacturing sector and among business-related service providers," ifo wrote. "However, new economic upsets have emerged since July. After the ceasefire in the Iran War ended, energy prices once again rose sharply. At the same time, rivers in Germany reached record low levels, which is likely to result in production disruptions in economic sectors that are especially dependent on waterways."On the geopolitical front, Reuters reported, citing anonymous sources, that White House advisers are seeking to contain further military escalation with Iran until after the November midterm elections in the US to prevent potential voter pushback. Meanwhile, US President Donald Trump said he thinks the escalated military campaign would not last long. However, he dismissed claims that electoral concerns are shaping his strategy in Iran, insisting the priority is still focused on eliminating Tehran's nuclear capabilities.In corporate updates, Deutsche Telekom (DTE.F) gained 1.30% after Bloomberg News reported that activist investor Elliott Management amassed a "sizeable" stake in the German telecommunications giant to derail a potential merger with its 53%-owned American unit T-Mobile US (TM5.F). T-Mobile US' Xetra-listed stock was down 0.02% at closing.Porsche AG (P911.F) announced plans to consolidate its global sales regions to four from five as part of efforts to streamline its operations. The restructuring, scheduled to take effect on Oct. 1, merges Germany into Europe, unifies North, Central and South America, and dissolves two regional central departments. The German automaker ended the trading day 1.52% higher.

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Asia Markets

German Blue-chip DAX Index Retreats as US-Iran Tensions Rise

Germany's blue-chip DAX index closed Wednesday's session 0.50% in the red, as fresh attacks between the US and Iran pushed crude oil prices to levels unseen since July.US Central Command confirmed a wave of military strikes against Iranian targets on Tuesday in response to Tehran's aggression toward commercial shipping in the Strait of Hormuz and US service members, backed by a warning from President Donald Trump of an intensified response if Tehran retaliates. Tehran countered with what it described as a "decisive operation" targeting US military bases across the region."The fresh catalyst for the sell-off over the last 24 hours was the jump in energy prices. That follows the latest strikes at the start of the week between the US and Iran, and it meant Brent crude (+4.60%) was up to $94.65 [per barrel] by the close, its highest level since July, whilst European natural gas futures (+3.30%) hit a 3-year high of EUR72.22 [per megawatt-hour]," Deutsche Bank Research wrote.On the corporate side, the UK Competition and Markets Authority initiated an inquiry into E.ON (EOAN.F) unit E.ON UK's planned purchase of peer OVO Energy, assessing its impact on competition within the domestic energy sector. The regulator set an Oct. 28 deadline for its phase 1 decision. The stock was down 1.50%.Meanwhile, Deutsche Bank Research anticipates German luxury carmaker BMW (BMW.F) will unveil "an evolutionary rather than a transformational strategy" at its capital markets day scheduled for the end of September."Most major strategic initiatives, including workforce reductions and efficiency measures, have already been announced, leaving limited scope for significant surprises, in our view. Instead, we expect BMW to refine its equity story around three pillars: 1) the Neue Klasse product cycle, 2) cost savings and efficiency gains, and 3) resilient cash generation and a robust balance sheet supporting continued shareholder returns. The potential of the last remains a key differentiator to peers," the research firm wrote. BMW fell 0.85% at the end of the trading day.

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Asia Markets

German Stocks Close Lower as Eurozone Headline Inflation Accelerates

Germany's blue-chip DAX index was down 1.14% at the end of Tuesday's trading, as investors digested fresh data releases, including the latest manufacturing PMI survey results and the eurozone's flash inflation figures.Flash estimates from Eurostat showed that the annual inflation rate in the euro area climbed to 3.3% in August from 2.9% in July, consistent with consensus expectations, mainly driven by higher energy prices. On the other hand, the annual core inflation rate, which excludes energy, food, alcohol and tobacco, edged down to 2.4% from the previous 2.5%."Six months into the Middle East turmoil, core inflation stands at 2.4%, which is exactly where it was in February, the last month before the conflict started. A significant pass-through of higher energy costs to other prices has not materialised so far ... But of course, upside risks abound and the pass-through of costs can take time," ING said, noting that it expects core inflation to rise further in the coming months. "For the European Central Bank, the jump in the headline inflation rate makes a September hike easier to sell. But the stubbornly benign core inflation rate should make for an interesting debate about a possible subsequent hike into restrictive territory."Meanwhile, the final S&P Global Eurozone Manufacturing PMI stood at 52.7 in August, compared with the previous month's 51.9 and the flash estimate of 52.8. In Germany alone, the final Manufacturing PMI reached a 51-month high of 54.3 in August, against the flash estimate of 54.1 and the prior 52.2.On the retail side, data from Destatis showed that retail sales in Germany declined 3.4% month over month in real terms in July, following the revised flat reading in June.In company news, Frasers Group plans to further raise its stake in German fashion group Hugo Boss (BOSS.F) to more than 50% through a potential acquisition of additional shares. British sports and luxury retailer recently secured a 47.89% interest following the expiry of the acceptance period for its voluntary public takeover offer for Hugo Boss. The stock was 0.80% in the green at closing.Deutsche Post (DHL.F), d/b/a DHL Group, completed its corporate reorganization under which the German logistics group's publicly listed parent company now operates as DHL AG, representing the globally operating group. Deutsche Post AG, which remains a DHL AG unit, will continue to be responsible for the group's German mail and parcel operations. DHL fell 1.03%.On the geopolitical front, Iranian President Masoud Pezeshkian said his country will "immediately reciprocate" if the US returns to the commitments it made under the memorandum of understanding signed in June, multiple media outlets reported. Meanwhile, President Donald Trump said "there will be a response" to Iran's attacks on US military bases in the Middle East amid a renewed exchange of strikes.

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Asia Markets

Germany's DAX Index Opens Week Downbeat as Inflation Rises

Germany's blue-chip DAX closed 1.17% lower on Monday as investors assessed the latest private sector and economic data releases amid thin trading volumes due to a bank holiday in the UK.Provisional data from Destatis showed that the annual inflation rate in Germany edged up to 2.9% in August from 2.8% in July, against the expected 3%. The core annual inflation rate, which excludes food and energy prices, remained unchanged at 2.4%."Looking ahead, the path of headline inflation remains highly affected by the war in the Middle East and oil prices. The recent swings in oil prices have been another reminder that it's almost impossible to come up with oil price assumptions for any inflation forecast that lasts for more than a few days," ING said. "The stage looks increasingly set for another rate hike at next week's ECB meeting. Not only because some ECB members actually advocated for a rate hike at the July meeting, but since the July meeting, the eurozone economy has shown an almost unexpected resilience to the war in the Middle East."On the corporate side, Allianz (ALV.F) has reportedly been in talks with advisers to the AA for several months about a potential 5 billion-pound-sterling takeover of the British vehicle breakdown recovery group, banking sources told Sky News over the weekend. The current stage of negotiations and the possibility of a deal occurring are reportedly unclear. The German insurance giant, which toldthat it does not comment on market rumors, closed the trading session 0.49% in the red.Aerospace and technology group OHB (OHB.F) secured a contract worth nearly 1 billion euros from European satellite operator SES to develop 18 medium Earth orbit satellite platforms for the European Union's Infrastructure for Resilience, Interconnectivity and Security by Satellite, or IRIS², program. The first satellites are scheduled for launch in 2029, with initial services expected to commence from 2030. At closing, OHB's stock jumped 6.28%.In geopolitical news, amid the G20 meetings in the US, the European Union said it will continue to work closely with the US and other G7 and international partners to keep up pressure on Iran. The statement comes as Iran and the US exchanged air strikes for the first time since late July."The EU has adopted extensive sanctions to prevent Iran from exploiting the global economy and financial system to sustain its hostile actions and undermine international security. It remains ready to take further measures, where necessary, to safeguard its security and interests, including freedom of navigation through the Strait of Hormuz," according to a statement. "The EU welcomes efforts at ensuring that Iran ceases its destabilising activities and engages in peace negotiations with good faith, also through additional economic pressure, including through the US led Operation Economic Outcast."

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Asia Markets

Germany's DAX Index Extends Gains; BioNTech Tumbles After Scrapping Cancer Vaccine Trial

Germany's blue-chip DAX index extended its gains to a fourth day on Friday, closing 0.82% in the green, as investors assessed the country's latest labor market and other economy-related data releases.Import prices in the eurozone's largest economy rose 6.8% year over year in July, against a 6.1% gain in June, data from the country's Federal Statistical Office showed. On a monthly basis, import prices edged up 0.2%On the jobs front, federal agency Bundesagentur für Arbeit reported that Germany's unemployment rate stood at 6.4% in August, unchanged from the prior month and in line with market forecasts. The number of unemployed individuals in the country grew by 4,000, against the 6,000 increase earlier.Meanwhile, business sentiment in Germany's chemical sector "improved sharply" in August as demand for German-made chemical products rose amid supply disruptions due to the Strait of Hormuz blockade, according to a survey by the ifo Institute. The business climate index climbed to -2.4 points from -26.3 points in July.In corporate news, BioNTech (22UA.F) dropped 7.11% after it terminated a phase 2 trial for its mRNA cancer vaccine, autogene cevumeran, as an adjuvant monotherapy in patients with resected colorectal cancer. The decision followed a new recommendation from the independent Data Safety Monitoring Board. BioNTech was developing the vaccine with Roche Group's Genentech.Bayer (BAYN.F) submitted a marketing authorization application in Japan to expand the use of finerenone in chronic kidney disease. The application is supported by positive results from the life sciences company's late-stage FIND-CKD trial in adults with non-diabetic chronic kidney disease, which showed that the drug, along with standard of care, "significantly" delayed kidney disease progression and reduced cardiovascular-kidney events compared with placebo. At the end of trading, Bayer's shares were up 0.40%.Berenberg lifted its price target for RWE (RWE.F) to 72 euros from 68.50 euros, with the stock's buy rating unchanged, taking into account the energy group's recently upgraded earnings guidance and multiple upcoming catalysts. The stock added 2.08% at closing."RWE's growth trajectory is underpinned by disciplined and diverse capital allocation across several important structural power market trends, as well as a number of related upcoming catalysts and decent earnings visibility (from c75% contracted and regulated income)," the research firm said. "In our view, RWE is well-positioned and well-equipped to sustain growth momentum to its 2031E targets and beyond. The stock, rated Buy, is a firm top three pick in our utilities universe."

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Asia Markets

DAX Index Gains as German Consumer Sentiment Improves

Germany's blue-chip DAX index remained in positive territory on Thursday, closing 0.27% higher, as markets took stock of upbeat consumer sentiment data in the eurozone's largest economy.German consumer sentiment is expected to improve in September, with the GfK consumer climate indicator rising to -26.6 points from the revised -29.4 points in August, as income expectations rise "significantly" and economic prospects continue to recover."Although the economic outlook in late summer is still more than six points below the corresponding level of the previous year, the fourth consecutive increase indicates a slight upward trend," Nuremberg Institute for Market Decisions Head of Consumer Climate Rolf Bürkl said. "Signals from the economy are also generally positive. Gross domestic product (GDP) performed better than expected in the second quarter of this year, growing by 0.3 per cent. Business sentiment has also improved slightly: the Ifo Index rose three times in a row between May and July, and the Purchasing Managers' Index is currently signaling a slight expansion."Meanwhile, the ifo Institute said German companies are planning fewer layoffs in August 2026 as the country's labor market shows "a slight upward trend." The ifo Employment Barometer increased to 94.8 points from the previous month's 93 points, reaching its highest level since May 2025, as job cuts in the manufacturing sector lost momentum.In corporate news, Rheinmetall (RHM.F) signed a memorandum of understanding with the German state government of Hesse for its planned construction of a new logistics and technology center at the state's Kassel-Calden Airport, set to be operational at the end of 2027, and expansion of the company's Kassel site. The security and defense group also plans to establish the Hessian Drone Competence Center in Calden. The stock added 3.02% at closing.Delivery Hero (DHER.F) upgraded its full-year 2026 guidance, including revenue growth of between 17% and 19% on an annual basis at constant currency and like-for-like basis, against the previous forecast of 14% to 16%. In the first half, the German online food delivery company's group revenue grew year over year to 7.75 billion euros from 6.88 billion euros. Delivery Hero's shares were up 0.27%.On the regulatory front, members of the European Central Bank's governing council discussed in their July meeting whether the interest rates needed to move into "mildly restrictive" territory amid risks surrounding the inflation outlook. "In spite of these concerns, all members were willing to rally behind the decision to keep policy rates unchanged provided that communication stressed the Governing Council's firm commitment to setting monetary policy to ensure that inflation stabilised at the 2% target in the medium term," according to a summary of the meeting.

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Asia Markets

Germany's DAX Index Remains in Green; Siemens Energy Down

German stocks continued advancing on Wednesday, with the blue-chip DAX index closing 0.19% higher, as sentiment among companies in the country's export industry brightened.The ifo Institute reported that German export expectations "considerably" improved to 9.6 points in August 2026 from -2.8 points in the previous month, marking the highest reading since February 2022 and the sharpest rise since June 2020. Based on the survey, manufacturers of electrical equipment, data processing equipment and electronic and optical products remain "very optimistic" about their export prospects, while companies in the paper, metal production and processing sectors forecast a decline in their exports.In corporate news, Siemens Energy (ENR.F) is getting ready for the legal and operational separation of its Transformation of Industry business, with plans to spin off the business as a standalone entity and explore a new ownership structure while retaining a "meaningful" minority stake. The carved-out business is set to initially operate under the energy technology company's future Omterra brand. Siemens Energy's shares were down 0.97% on Wednesday's close."Transformation of Industry has developed successfully over the past several years and is now a profitable, high-growth business. We see the potential for further profitable growth if we can accelerate the business's continued development," Siemens Energy President and Chief Executive Officer Christian Bruch said in a release. "If we don't change our structure, we limit what Transformation of Industry can achieve. Our current investment focus is on power generation and power transmission, with higher immediate payback."Mwb Research reiterated Deutsche Lufthansa's (LHA.F) buy rating and 21-euro price target, saying the German airline's "main hidden value" is its Lufthansa Technik unit, which provides maintenance, repair and overhaul services, and remains intact. The stock added 0.83% at closing."Lufthansa presented at our mwb GS8 conference yesterday and confirmed our bullish case. Management is in no rush on a Lufthansa Technik (LHT) IPO but did not rule it out, and we now expect a listing towards the end of the decade. An activist campaign could be a plausible accelerator," according to the research firm. "LHT alone is worth >40% of group EV standalone and the owned fleet covers >85%, which leaves the airline franchise and Cargo in the current valuation close to zero (mwb est.)."Elsewhere and on the geopolitical front, Iran's Revolutionary Guard Corps claims that the US is hampering the proposed framework agreed between the Iranian government and Oman to secure safe transit of vessels through the Strait of Hormuz, CNBC reported. The Revolutionary Guards said the waterway would remain closed until the US accepts Iran's conditions.

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Asia Markets

German Shares Rise Amid Upbeat German Economic Data

The blue-chip DAX index ended the trading day in the green, closing 0.61% higher on Tuesday, on the back of improving German economic growth and business confidence metrics.Final data from Destatis showed that Germany's gross domestic product ticked up 0.3% in the second quarter, following a 0.4% gain in the previous three-month period. The final reading came in above the flash estimate of a 0.2% increase. Federal Statistical Office President Ruth Brand said the main growth driver was positive export performance.Concurrently, the ifo Institute's business climate indicator stood at 88.8 points in August, up from July's revised 86.7 points and the expected 87.2 points. The expectations indicator ticked up to 89.1 points from the revised 86.8 points, while the current conditions index rose to 88.5 points from 86.5 points.On the geopolitical side, Iran expressed confidence in countering escalated US sanctions following Washington's announcement of an "economic D-Day" targeting nations and banks doing business with Tehran. Economy Minister Ali Madanizadeh said the country is "fully prepared" to navigate the expanded restrictions."The biggest oil-market risk may not be the sanctions themselves, but Iran's response to them," Rystad Energy said, describing the initial measures as "less dramatic" than anticipated. "The relatively muted oil-price reaction so far suggests the market is making the same distinction. What matters now is not the announcement itself, but whether China complies and whether Iran retaliates."In corporate news, Rheinmetall (RHM.F) won a 250 million-euro contract from the Bundeswehr to build and manage a modular soldier camp in Lithuania. As main contractor, the German arms maker will oversee construction and facility management ahead of its mid-August 2027 operational launch. Rheinmetall was down 0.62% at closing.Meanwhile, Ottobock (OBCK.F) rose 1.51% as Deutsche Bank Research raised the price target of its buy-rated stock after the medical technology company delivered robust second-quarter performance and upgraded its full-year 2026 outlook. Ottobock narrowed its 2026 organic core revenue growth outlook to between 6% and 8% from 5% to 8% previously, reflecting good first-half business momentum."After a somewhat slower first quarter, growth is now accelerating, and the updated guidance implies a strong performance will continue in the second half of the year. We believe the attractive medium-term outlook, which is fueled by industry-leading innovation, is not yet properly reflected in the share price. The stock is still trading at only 16x 2027E P/E, a valuation we find compelling. Driven by the company's raised guidance, we have increased our adjusted net income estimate by 6% for 2026 and by approximately 1% for 2027. Consequently, our target price is raised to EUR85 (from EUR83)," the research firm wrote.

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

German Shares Slide Ahead of Anticipated US Sanctions on Iran

German equities kicked off a new trading week on a downbeat note, with the blue-chip DAX index closing Monday's session 0.11% lower, as the market awaits details on fresh US sanctions against Iran and its trade partners.Ahead of a scheduled Monday press conference, US Treasury Secretary Scott Bessent described the new measures as an "Economic D-Day" against Iran, which has conversely threatened to block all Gulf oil flows in retaliation. Meanwhile, Reuters reported that Pakistan's army chief Asim Munir arrived in Tehran for talks, with a source telling the news outlet that Munir is expected to meet with key figures close to Iran's supreme leader.Amid a quiet day for economic news, investors are anticipating key updates for the week, including Germany's final gross domestic product print for the second quarter and the ifo business climate survey for August on Tuesday, the GfK September consumer confidence report on Thursday, and the eurozone economic sentiment and consumer confidence data on Friday. Across the pond, marketwatchers are expected to focus on US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium."Investors will be weighing Chairman Warsh's speech at Jackson Hole (8/28/2026) as a litmus test for the new Fed. Our base case is that Warsh signals inflation progress and a continued pause, despite core inflation remaining above target. We view 3% core inflation as the new 2%, supported by sticky 'supercore' (core services ex-housing), and AI-capex and war disruptions sustaining goods inflation," research firm Stifel wrote.On the corporate front, Bayer (BAYN.F) secured the Japanese Ministry of Health, Labour, and Welfare's approval for Hyrnuo, or sevabertinib, marking the country's first targeted therapy cleared for HER2 mutation-positive unresectable advanced or recurrent non-small cell lung cancer across all treatment lines, including first-line use. The German life science company gained 0.92% at closing.Infineon Technologies (IFX.F) agreed to buy India-based digital power management company C2i Semiconductors. The deal is expected to close in the third quarter. The German semiconductor manufacturer was 3.23% in the red.Meanwhile, Metzler Capital Markets boosted its price target and earnings estimates for Deutsche Post (DHL.F), d/b/a DHL Group, as the research firm expects the German logistics group to again raise its full-year 2026 EBIT target beyond the current 6.5 billion-euro goal."We expect positive earnings effects from the situation in the Middle East - including shortages and temporary price increases - to amount to approximately EUR 250 million (e) for DHL in fiscal year 2026. We expect that the likely [non-recurrence] of these effects next year will be more than offset by a) a postage rate increase in P&P, b) continued structural growth in Supply Chain, c) a rebound in the freight business under the new management (DGF has fallen somewhat behind in recent years), and d) continued positive volume effects in Express," Metzler said. DHL rose 0.93% at the end of the session.

^DAX$BAYN.F$DHL.F$IFX.F
Asia Markets

DAX Index Recovers; Germany Sees Slowdown in Private Sector Growth

Germany's blue-chip DAX index recovered from the previous day's losses, closing Friday's trading session 0.56% higher, as investors assessed the latest private sector data in key global markets.Business survey data compiled by S&P Global showed that the Flash Germany Composite PMI Output Index stood at a two-month low of 51 in August, below the July figure and consensus estimate of 51.3, but remained in expansion territory. The manufacturing PMI hit a 51-month high of 54.1, against the prior 52.2 and the expected 52.1, while the services PMI slumped to its lowest in three months to 48.5 from the previous 49.8, against the market forecast of 50.1."The recovery in the manufacturing sector has regained momentum, after it showed signs of stalling in the second quarter. Output, new orders and export sales have all risen at their quickest rates since early-2022, which likely reflects some catch-up from the more subdued picture we saw a few months back at the peak of the uncertainty and spike in oil prices associated with the Middle East war, as well as the influence of increased defence spending filtering through," said Phil Smith, economics associate director at S&P Global Market Intelligence. "It still remains to be seen if this pace of growth can be sustained, not least in light of ongoing supply risks, but a notable strengthening of manufacturers' sentiment towards future output suggests that the upturn has legs."Meanwhile, the seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index rose to a nine-month high of 52.1 in August from the previous month's 52, as business activity in Germany "modestly" increased while that in France further decreased.On the corporate side, Brockhaus Technologies (BKHT.F) saw its shares rise 2.42% at closing after a majority of shareholders approved the planned share buyback of up to 90 million euros at its recent annual general meeting. The German technology group plans to launch the buyback offer in 2026, with the shares to be repurchased at 24 euros each. Shareholders also approved the proposed resolution regarding balance-sheet optimization.Deutsche Bank Research lowered its price target for HelloFresh (HFG.F) to 3.50 euros from 5 euros while maintaining the stock's hold rating, following the German meal kit company's second-quarter financial results. The stock was down 1.22% at the end of the trading day."HelloFresh's Q2 was broadly in line, and despite the continued declines in revenue (down ~8% yoy in constant currency), the substantial step-up in absolute EBITDA was a relief. However, we believe H2 is going to be pivotal to convince the market that HelloFresh has found the right formula to reduce the revenue declines (through more successful new customer acquisitions) and eventually return to growth," according to the research firm. "While the improving transparency on revenue cohorts and their behaviour is welcome, the question now is whether the product investments have been enough to get the new customers back into growth territory. The back-to-school (B2S) marketing campaigns planned in H2 would be the first test on this topic."Elsewhere and in geopolitical news, Iran warned that it would carry out a "devastating" response to "the enemy's new threats" after the US vowed to tighten its economic sanctions against the Middle Eastern country.

^DAX$BKHT.F$HFG.F
Asia Markets

Blue-chip DAX Index Declines; German Producer Prices Up

Germany's blue-chip DAX closed 0.31% lower on Thursday, as investors evaluated fresh economic data against the backdrop of persistent geopolitical uncertainty in the Middle East.Destatis reported that producer prices rose 3% year over year in July, against a 1.8% increase earlier and the market forecast of a 2.7% rise. On a monthly basis, producer prices were 1.1% higher, compared with the expected 0.5% gain. The German Federal Statistical Office attributed the yearly increase to rising intermediate goods and energy prices.In the eurozone, Eurostat data showed that construction output fell 1.3% month over month in June, reversing a revised 0.2% gain a month ago. Year over year, construction production declined 0.7%, down from a revised 0.7% expansion previously.Meanwhile, following a breakdown in peace negotiations with Iran, US President Donald Trump announced on social media plans to launch a campaign to isolate Iran economically, threatening "tremendous economic consequences" for any country that conducts business with Tehran. The announcement, however, offered no specific details on potential measures or targeted countries.In corporate news, BofA Global Research raised thyssenkrupp's (TKA.F) price objective to 22 euros from 19 euros, with an unchanged buy rating, ahead of the capital markets day for its steel business scheduled for the end of September."As with tk Marine and tk Accelis, we see this as a likely prelude to a partial exit of steel via an IPO; Management confirmed on a recent earnings call that an IPO is Plan A... Broadly, we see credible path from EBITDA of c. EUR440 mn to c. >EUR1.5 bn. A business which we previously assumed had limited equity value, could now be worth >EUR4-5 bn (c. half market cap). We update our model to reflect a 'risked' view on partial achievement of EBITDA uplift," the research firm wrote. The German industrial conglomerate shed 2.58% at the end of the trading day.

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Asia Markets

German DAX Index Closes Flat as Eurozone Inflation Ticks Up

German shares closed little changed on Wednesday, with the blue-chip DAX index gaining 0.01%, after the release of the eurozone's latest inflation print.According to final data from Eurostat, the euro area's annual inflation rate rose to 2.9% in July from 2.8% a month ago, in line with the flash estimate. Meanwhile, the core rate, which excludes energy, food, alcohol and tobacco, came in at 2.5%, consistent with the preliminary forecast and up from the previous 2.4%.Back home, a new ifo Institute business survey found that 25.4%, or a quarter, of German businesses worry about losing their competitive edge outside the European Union, while 17% reported a deteriorating position for German industrial products within European markets. Conversely, only 5.2% of businesses report improvement in competitiveness outside Europe, while 6.3% see competitive gains within the continent. According to ifo, the automotive sector's situation is "particularly difficult," with 43% reporting a weaker standing outside the bloc.On the geopolitical side, pessimism regarding the reopening of the Strait of Hormuz is growing, as US President Donald Trump said in a social media post that no negotiations are currently underway with Iran and no future meetings are scheduled. The US leader added that the naval blockade of Iranian ports remains in "full force and effect."As for corporate updates, Munich Re (MUV2.F) agreed to purchase US-based insurance technology company At-Bay to bolster its position in the cyber market. The deal, expected to close in the first quarter of 2027, has an enterprise value of $575 million. The German reinsurance group was down 1.68% at closing.Meanwhile, Rheinmetall (RHM.F) fell 2.72%, as mwb Research flagged that the German defense technology company needs a "significant" volume of order intake to fill the 2028 revenue consensus gap."Rheinmetall's (RHM) backlog leaves little doubt that the European defense spending cycle is accelerating and that RHM profits from it. However, medium-term consensus appears to imply an increasingly demanding backlog conversion profile, leaving limited room for execution delays or programme slippage. Of the EUR 80.5bn reported backlog, EUR 30.2bn of fixed orders are scheduled for conversion within 2.5 years. This fully covers consensus through 2027 but leaves 2028 heavily dependent on orders that have not yet been signed," mwb wrote.

^DAX$MUV2.F$RHM.F
Asia Markets

DAX Index Blinks Red; German Economic Sentiment Improves

German equities fell on Tuesday, with the blue-chip DAX index ending the trading session 0.71% in the red, as the market digested the latest economic sentiment survey for the eurozone's biggest economy and updates regarding the US-Iran conflict.The ZEW economic sentiment indicator for Germany increased to 34.2 points in August from the previous 26.3 points, beating the consensus forecast of 30.1 points. The current situation index also rose by 16.5 points to -61.1 points, ahead of the expected -68.8 points."The positive trend in expectations further consolidates in August, likely due to the good quarterly results and the recent high level in exports. The German economy continues to benefit from the federal government's infrastructure programmes although the record low water levels on the Rhine River present an additional acute risk affecting economic activity," ZEW President Achim Wambach said.On the geopolitical front, Iranian negotiator Mohammad Baqer Qalibaf said Tehran intends to keep the Strait of Hormuz closed until the US fulfills the conditions of the June interim deal, including lifting port blockades, removing oil sanctions, and ending military threats and operations. Meanwhile, Reuters reported, citing an unnamed senior Iranian official, that Iran is transitioning to a "fully offensive" military posture as permanent peace talks remain stalled.For his part, US President Donald Trump escalated his rhetoric with threats to bomb Oman if it "gets in the way" of American objectives. Iran and Oman are negotiating an agreement to oversee commercial transit through the Strait of Hormuz.In corporate news, Hugo Boss (BOSS.F) was down 0.21% on Xetra as British sports and luxury retailer Frasers Group raised its total stake in the German fashion group to 47.89% after securing acceptances for 17.62% of Hugo Boss' share capital under its ongoing takeover bid."The takeover offer may have dominated the investment case in recent months, but its expiry puts operational delivery back at center stage. Initial progress is encouraging, but further upside requires tangible evidence that the 'Claim 5 Touchdown' strategy can improve business quality, margins and growth. We maintain our [price target] and rating (HOLD, EUR 38.00)," mwb Research said.

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Asia Markets

German Stocks Fall as Interim US-Iran Ceasefire Deal Expires

Germany's blue-chip DAX index retreated, closing Monday 0.27% lower, as the temporary US-Iran ceasefire agreement expired amid stalled negotiations.Danske Bank noted that Brent crude traded above $88 per barrel by Monday morning as markets assessed weekend Israeli strikes on Lebanon and potential new US sanctions against Iran, alongside the expired interim deal. "Talks to reopen the Strait of Hormuz show little progress, though reported crude shipments by producers in the Middle East continued through the waterway and Iran-Oman talks appear to be progressing without US participation," the research firm wrote.Amid a quiet day for major economic updates, investors are expected to focus on key data for the week, including the August ZEW survey due on Tuesday, the euro area's final July inflation print on Wednesday, Germany's July producer price index update on Thursday, and flash August PMIs on Friday.On the corporate side, RWE (RWE.F) gained 0.71% as Deutsche Bank Research raised its price target to 65 euros from 63 euros, with a buy rating, following the German energy group's first-half earnings."RWE held a very positive results call last week, having pre-released results last month. The short term has upside from data centre deals and the commodity complex. The long term has many avenues to upside not currently considered in the guide," Deutsche Bank Research said. "The 2026 guidance now looks conservative and could be upgraded ahead of Q3 results. RWE is on a roll, with data centre deals expected over the next month."Meanwhile, Deutsche Telekom (DTE.F) agreed to purchase Polish open-access fixed-network operator Fiberhost and retail broadband and TV provider Inea for an enterprise value of 1 billion euros. The German telecommunications company is buying the companies from Macquarie Asset Management-managed Macquarie European Infrastructure Fund 5 and other minor shareholders. The stock closed 0.87% in the red.

^DAX$DTE.F$RWE.F

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