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Asia Markets

German Shares Rise on US-Iran Deal Breakthrough

German equities started a new trading week in the green as the US and Iran agreed to sign a peace deal.On Monday, the blue-chip DAX index closed 1.09% higher.Under a newly announced 60-day framework, Washington and Tehran are scheduled to sign a memorandum of understanding in Switzerland on Friday, aimed at permanently ending military hostilities and reopening the Strait of Hormuz. Although official terms are not yet public, media reports suggest the deal will also trade a lifted US naval blockade for the partial release of Iran's frozen assets, waived oil sanctions, and continued negotiations over its nuclear program."This deal, if it holds, is the most workable outcome available to all parties at the table, which gives it a degree of credibility. Washington has an incentive to avoid a spike in gasoline prices ahead of the midterms, while Tehran is seeking sanctions relief and restored export revenues, and the global economy has a strong interest in keeping the Strait of Hormuz open," Rystad Energy chief economist Claudio Galimberti said, adding that a "signed agreement is not a functioning one," with both nations demanding reciprocal first steps. Additionally, Lebanon acts as a "wildcard" beyond the absolute control of either party.Back at home, Germany's selling prices in wholesale trade were up 5.9% year over year in May, after a 6.3% jump in April. On a monthly basis, wholesale prices were 0.6% lower, compared with the expected 0.8% uptick. Destatis mainly attributed the increase to the Middle East conflict, which drove wholesale costs of energy products and raw materials higher.On the corporate side, Daimler Truck (DTG.F) announced plans to invest a mid-three-digit million-euro amount in the coming years to expand its global defense business under a new umbrella brand called Daimler Truck Defence, targeting 1 billion euros in defense revenue by 2028. The German commercial vehicle manufacturer gained 2.20%.Meanwhile, UniCredit requested a BaFin investigation into Commerzbank (CBK.F), accusing the German lender of making "misleading" public statements that allegedly disrupted its ongoing takeover bid. Denying the allegations of "unusual" share-lending activities, the Italian bank said its direct holdings and valid investor acceptances have already comfortably exceeded its initial 30% target threshold. Commerzbank was down 1.33%.

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Asia Markets

Germany's DAX Index Rallies on Inflation Report, US-Iran Deal Hopes

Germany's blue-chip DAX index ended Friday 1.76% in the green as markets took stock of the latest inflation figures and developments related to the war in the Middle East.Final data from Destatis confirmed that the annual inflation rate in the country fell to 2.6% in May from 2.9% in April. The annual core inflation rate, which excludes food and energy prices, rose to 2.5% from 2.3%.Meanwhile, the Deutsche Bundesbank expects Germany's economic recovery to continue, albeit at a slower pace, amid increased inflation risks due to the energy price shock caused by the war. The country's calendar-adjusted real gross domestic product is anticipated to grow by 0.5% in 2026, 0.8 % in 2027, and 1.4 % in 2028, while the annual harmonized inflation rate is forecast to rise to 2.9% in 2026 from the previous year's 2.3%, before easing to 2.7% in 2027 and 1.9% in 2028.On the corporate front, Moody's affirmed Siemens' (SIE.F) Aa3 long-term issuer rating and Prime-1 short-term issuer rating, mainly driven by the German technology group's strong business profile and its continued robust operating performance. The stable outlook was maintained. Siemens shares gained 2.32% at closing.Berenberg bumped up its price target for Bayer (BAYN.F) to 40.50 euros from 40 euros, with an unchanged hold rating on the stock, viewing the life science company as having a "good chance of resolving its long-running legal issues in 2026." The stock closed the trading session up 1.12%."We had hoped for clarity by early June on whether plaintiffs would accept Bayer's proposed USD7.25bn settlement of outstanding glyphosate cases. We think that the settlement presents Bayer's best form of insurance against a potential loss in the Durnell case before the US Supreme Court," the research firm said in a note. "The ruling, which will likely come before the end of July, in our view, has 60:40 odds of a Bayer victory - which is uncomfortably close to a coin toss."In geopolitical news, US President Donald Trump claimed that a deal to end the war with Iran will be signed in the coming days, while Iran's foreign ministry spokesperson Esmail Baghaei called the reports "speculative," saying the parties have yet to reach a conclusion, BBC News and other media outlets reported.

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Asia Markets

German Stocks Little Changed as European Central Bank Raises Key Rates

German equities were little changed on Thursday, with the blue-chip DAX index closing 0.06% higher, as investors assessed the European Central Bank's latest monetary policy decision.In the widely expected move, the ECB hiked its three key interest rates by 25 basis points, citing inflationary pressures amid the Middle East conflict. The central bank's Governing Council also reiterated its data-dependent approach to rate decisions, noting continued uncertainty amid ongoing global trade disputes and geopolitical tensions."Fortunately, the case for further rate hikes is not cast in stone. Amid major volatility and some on-off negotiations between Iran and the US, the price for dated Brent crude has receded from an average of $120 per barrel in April to $108 in May and $98 so far in June. If, big if, tensions ease and energy prices recede further on trend before the ECB meeting on 23 July, as we assume, the ECB should have no reason to raise rates again in July or September, in our view," Berenberg noted.On the US-Iran war, Reuters reported, citing Iranian insiders, that negotiations on a preliminary agreement "intensified" even as the two nations continued to trade air attacks. According to unnamed European and Iranian sources, Washington and Tehran were working on details of a memorandum after reaching a "political understanding," while critical issues, notably the release of frozen Iranian assets, are still being discussed.Back home, Germany posted a current account surplus of 13.8 billion euros in April, down by 10.7 billion euros month over month. Bundesbank attributed the latest reading to lower surpluses in merchandise trade and so-called invisible current account transactions.In corporate news, Hugo Boss (BOSS.F) was up 9.05% on Xetra after Frasers Group announced a voluntary public takeover bid for the remaining shares of the German fashion brand. Currently owning a 26.06% stake, the British sports and luxury retailer is offering 38 euros per share, valuing the buyout at 1.98 billion euros."At EUR 38.00 per share, the offer price is only slightly above the last closing price and looks opportunistic. It offers little in the way of a control premium and does not fully reflect the brand value, cash-flow potential or possible normalization beyond the current reset year. We therefore view the offer as financially unattractive for long-term shareholders," mwb Research wrote.Meanwhile, German software group SAP (SAP.F) was the DAX's worst performer, dropping 6.55%, after its cloud computing peer Oracle's planned fiscal 2027 capital expenditure of up to $95 billion surpassed market expectations.

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Asia Markets

Germany's DAX Index Falls Amid Renewed Middle East Tensions

German shares declined on Wednesday, with the blue-chip DAX index down 0.97%, as reignited tensions between the US and Iran are seen to jeopardize a potential peace deal.The US and Iran exchanged overnight strikes after US President Donald Trump accused Tehran of shooting down a US Army Apache helicopter over the Strait of Hormuz. After the strikes, Reuters reported that Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Iran is reevaluating talks with Washington, noting that diplomatic efforts have stalled due to repeated ceasefire violations. Later, Trump posted on Truth Social that Iran will have to "pay the price" for delaying negotiations.Amid a quiet day for local economic news, market watchers await the European Central Bank's monetary policy decision on Thursday. In a preview note, Berenberg warned that the ECB's expected 25-basis-point rate hike will worsen a eurozone outlook already affected by the Iran war."Nonetheless, the ECB should look through the adverse supply shock rather than weakening the Eurozone economy further through rate hikes that will exacerbate the damage to domestic demand, in our view. Monetary policy cannot prevent the surge in energy prices caused by the Iran supply shock... The key question for the ECB is thus whether the stagflationary supply shock could turn into a more entrenched inflation problem," Berenberg wrote.On the corporate side, adidas (ADS.F) climbed 2.84%, as RBC Capital Markets upgraded its rating for the German sportswear company to outperform from sector perform and raised its price target to 210 euros from 170 euros."Today, adidas is delivering [direct-to-consumer] led revenue growth with healthy forward order visibility and consistent execution. It offers elevated 3yr EPS growth outlook (+25% vs coverage average 11%) at a discounted valuation (13x FY27E P/E). Momentum is broad based across regions, categories and sports verticals which is encouraging, although we would like to see better [free cash flow] generation," RBC said.Meanwhile, London's Financial Times reported that Mercedes-Benz Group (MBG.F) is said to be entering a partnership with German defense startup Tytan Technologies to co-develop a mobile anti-drone system. The German carmaker shed 1.25% at the end of the session.

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Asia Markets

DAX Index Declines; German Industrial Output Climbs

The blue-chip DAX index closed Tuesday 0.74% lower, after the latest release of German industrial production and trade data and the agreement of both Israel and Iran to halt direct attacks.According to Destatis, industrial output in April rose 0.4% on a monthly basis, as expected, compared with a revised 0.1% dip earlier. Annual industrial production was 0.5% lower, following a revised 3.4% decrease previously."Industrial production increased for the first time since the start of the war in the Middle East. However, the improvement was too little to bring any significant relief. Instead, industrial production is again close to stagnation rather than signalling a genuine turnaround," ING said.On the trade front, the Federal Statistical Office reported that Germany's calendar and seasonally adjusted trade surplus was 14.5 billion euros in April, below the revised 14.7 billion euros a month ago and the market forecast from Investing.com of 15.4 billion euros.Exports inched up 0.9% month over month, against the revised 0.3% uptick earlier and the expected 0.3% decline. Monthly imports climbed 1.2%, following a revised 4.5% growth in March.In corporate updates, Nordex Group (NDX1.F) secured 155 megawatts worth of orders for 34 Delta and Delta 4000 Series wind turbine supply and installation from unnamed customers in Southern Europe and Türkiye, with the deals including multi-year service and maintenance contracts.Additionally, Mwb Research upgraded the German wind turbine manufacturer to hold from sell, with an unchanged price target of 40 euros. Nordex lost 3.25% on Xetra.Meanwhile, Mutares (MUX.F) announced that its portfolio company F.lli Ferrari Holding finalized the partial sale of its Dutch distribution business to Denmark-based HMF Group, enabling the Italian truck-mounted crane manufacturer to focus on its core business. The German private equity holding company was down 1.46% at closing.

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Asia Markets

Blue-chip DAX Index Slips; German Monthly Factory Orders Decline

German shares ended Monday in the red, with the blue-chip DAX index losing 0.58%, as the market reacted to updates regarding renewed escalations between Israel and Iran and the latest local manufacturing data.The conflict flared over the weekend after Israel and Iran exchanged strikes overnight, though losses were partly limited after Iran later said it had concluded its current military operations against Israel and US President Donald Trump demanded both countries immediately stop firing.On the economic front, Germany's new manufacturing orders fell 3.8% month over month in April, compared with the revised 4.5% gain in the previous month and the expected 2.2% drop, according to Investing.com data. Annually, factory orders rose 1.6%, against the revised 6.1% jump earlier.Destatis attributed the negative development to a "substantial decline" in automotive industry and electrical equipment orders, alongside fewer factory orders in the machinery and equipment segments."German factory orders fell by 3.8% m/m, with core orders down by the same amount, broadly in line with our expectations. But the drop followed on a large gain in March. Orders remained above pre-war levels," Oxford Economics said. "Today's figures confirm our expectations that the German economy and industry in general are faring relatively better than feared, thanks to a precautionary inventory buildup and some noncyclical support factors."In corporate news, Porsche Automobil Holding (PAH3.F), d/b/a Porsche SE, was one of the top stocks, rising 1.28%, after BofA Global Research reiterated its buy rating on the stock, citing the holding company's widening discount to its stake in Volkswagen (VOW.F)."Porsche SE (PSE) shares are down -23% y-t-d, reflecting the decline in its core holding VW, in which PSE owns a 53.1% stake, with VW down c17%; furthermore, PSE's holding discount has widened from 28% at the beginning of the year to 37%, vs a 12m avg. of 30%," BoFA noted, adding that by buying Porsche SE, investors buy a basket of Volkswagen and Porsche AG (P911.F) at an "attractive 37% discount." Volkswagen and Porsche AG were up by 0.06% and 2.30%, respectively, at the end of the trading day.Meanwhile, Henkel (HEN.F, HEN3.F) partnered with Canadian solar technology company Brilliant Matters to develop screen-printable silver inks for large-scale organic photovoltaic panel production. The German chemical and consumer goods group was down 0.72% at closing.

^DAX$HEN.F$HEN3.F$P911.F$PAH3.F$VOW.F
Asia Markets

Germany's DAX Index Falls Amid Latest Eurozone GDP, Labor Data

German equities declined at the end of the trading week, with the blue-chip DAX index losing 0.75% at Friday's close, as the latest euro area gross domestic product and employment data were released.According to Eurostat's third estimate, the eurozone's GDP edged down 0.2% in the first quarter, revised downward from the second estimate's 0.1% uptick and following the prior three-month period's 0.2% rise. The contraction was primarily attributed to revised data showing a significant drop in Irish GDP. On a yearly basis, the eurozone registered 0.3% economic growth, below the second estimate of 0.8% and the previous quarter's 1.2%."Excluding the effect of Irish GDP, Eurozone growth remains remarkably steady at around 0.2% per quarter. But the Q1 reading was flattered by inventory frontloading ahead of impending supply disruption and higher prices. We think this effect will reverse in Q2," Oxford Economics said.Meanwhile, final data from Eurostat showed that employment in the euro area inched up 0.1% in the first quarter, as expected, compared with the previous quarter's 0.2% increase. Annual employment grew 0.5%, matching preliminary projections and compared with the 0.7% gain in the previous three-month period.On the corporate front, mwb Research noted that mounting pressures on pharmaceutical capital expenditure bolster its sell rating on Sartorius AG (SRT.F, SRT3.F)."Recent reports that Eli Lilly may halve the second phase of its Alzey investment and Boehringer Ingelheim may cancel EUR 900m of German projects point to weakening investment visibility across Europe. Meanwhile, large pharma groups continue to commit capital to the US, driven by industrial policy, tariff exemptions and 'America First' supply-chain priorities. For Sartorius, a regional capex shift could pressure equipment-heavy LPS and parts of BPS. While recurring revenues (75% mwb est) should stabilize growth, they may not offset delayed investment cycles," mwb wrote. The German life science group was down 2.97% at closing.In geopolitical news, Reuters reported that Iran doubled down on its support for Hezbollah while demanding that Israel retreat from southern Lebanon. Iran said it launched warning missiles and drones at US warships in the Gulf of Oman, accusing Washington of disrupting maritime traffic and detaining oil tankers.

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Asia Markets

DAX Index Climbs; German, Eurozone Construction Slumps Continue

German shares closed Thursday in the green, with the blue-chip DAX index gaining 0.60%, as investors digested the latest construction PMI surveys and the newest updates on the US-Iran conflict.The downturn in Germany's construction activity continued in May, with persistent sector-wide contraction led by the housing sector. According to S&P Global, the Germany Construction PMI Total Activity Index ticked up to 42.4 from April's 13-month low of 42.1, but remained far below the 50 no-change mark."Conditions in the construction sector remain challenging to say the least, with virtually no let-up on either the demand or cost front since April. Total industry activity continued to fall sharply during May, a reflection of the current backdrop of soaring material prices and heightened uncertainty which have severely suppressed demand in recent months," S&P Global Market Intelligence economics associate director Phil Smith said.In the euro area, contraction in the construction industry also slowed in May amid a softer drop in new orders and cooling input cost inflation. Based on the latest S&P Global survey, the Eurozone Construction PMI Total Activity Index inched up to 43.7 from 41.7 a month ago.On the geopolitical front, hopes for a de-escalation in the broader US-Iran war resurfaced after the US brokered a ceasefire between Israel and Lebanon, though uncertainty remained after Hezbollah reportedly rejected the proposal and Israel signaled it would keep troops in southern Lebanon, Reuters reported. "That ceasefire is conditional on Hezbollah also stopping fighting, but in theory, the news helps to take out a key sticking point in the US-Iran talks that was holding up a deal," Deutsche Bank Research wrote.In corporate news, Lufthansa (LHA.F) said the nose gear of a Boeing (BCO.F) 787-9 Dreamliner it operates "unexpectedly retracted" while the aircraft was parked at a gate at Frankfurt Airport. The airline said only crew members and ground staff were on board at the time, with several employees sustaining injuries."We are currently investigating the exact circumstances together with the relevant authorities. Technicians and support staff are on site," a Lufthansa spokesperson told. Lufthansa gained 1.66% at close, while Boeing's Xetra shares were up 0.67%.Suss MicroTec (SMHN.F) will make its debut on Frankfurt's MDAX index for the first time, starting on June 22. The semiconductor industry-focused equipment and processes company's inclusion reflects its strong market performance. Suss MicroTec fell 3.47% at the end of the trading day.

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Asia Markets

German Shares Retreat Amid US-Iran Clashes, Fresh Tariff Threats

Germany's blue-chip DAX index closed 1.31% lower on Wednesday, amid reignited tensions in the Middle East and new tariff warnings from the US.Deutsche Bank Research noted "increasing pessimism" over a swift US-Iran agreement to reopen the Strait of Hormuz following overnight hostilities. The escalations involved US strikes on Qeshm Island and reciprocal Iranian missile and drone deployments targeting Kuwait and Bahrain."Prior to that, we saw little sign yesterday of concrete steps towards an imminent deal... This backdrop means [West Texas Intermediate] crude is now $7 [per barrel] above Friday's close, with a +0.92% rise at $94.62/bbl overnight," Deutsche Bank wrote.On the trade front, Washington proposed new 10% to 12.5% tariffs on 60 economies, including the European Union, following an investigation into the import of goods allegedly produced with forced labor.Back home, final business survey data showed that Germany's private sector remained in contraction territory for a second consecutive month, as surging cost pressures and muted demand further eroded service sector activity. S&P Global said the final Germany Composite PMI Output Index ticked up to 48.8 in May from 48.4 a month ago, surpassing the flash estimate of 48.6 but remaining below the 50-point neutral mark. Final services PMI was 48.1, against the preliminary estimate of 47.8 and the prior month's 46.9."Demand for services continues to be stifled by a squeeze on spending power from the increased cost of energy and heightened levels of uncertainty, although, encouragingly, the rates of decline in business activity and new work eased, offering hope that any downturn in the economy in Q2 would be only modest," S&P Global Market Intelligence economics associate director Phil Smith said.On the corporate side, Bloomberg reported comments from Deutsche Bank (DBK.F) Chief Financial Officer Raja Akram, who said the German lender anticipates second-quarter credit loss provisions to come in slightly above market expectations. Speaking at an investor conference, Akram clarified that the 100 million-euro provision for the three months through June still represents a sequential drop compared with the first quarter. Deutsche Bank was down 3.65% at closing.

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Asia Markets

Germany's Blue-chip DAX Index Gains; Eurozone Inflation Accelerates

German equities wrapped up Tuesday's trading in the green, with the blue-chip DAX index up 0.48%, after the market assessed the latest eurozone inflation print, trade updates, and developments on the Middle East war.According to provisional data from Eurostat, annual inflation in the euro area stood at 3.2% in May, in line with market expectations and against the previous month's 3%. The core rate, which excludes energy, food, alcohol and tobacco, stood at 2.5%, above the prior 2.2% and the expected 2.4%."A week ahead of the next [European Central Bank] meeting, this is the expected uptick in inflation that will motivate the central bank to decide on an 'insurance' hike," ING said. "With the war in the Middle East entering its fourth month, the energy price shock has become more permanent - even though oil prices are actually lower than what many had pencilled in for a more adverse scenario regarding the length of the war. This is also why there won't be any automatic shift in inflation and growth scenarios at the ECB's meeting next week."In trade news, the European Parliament's trade committee gave its preliminary approval for a trade agreement with the US. The approved measures cover changes to current legislation to enable the EU to scrap tariffs on American industrial goods and select farm products. A parliamentary plenary vote is expected on June 16, ahead of US President Donald Trump's threat of steeper levies if a trade pact is not finalized by July 4.On the geopolitical front, Reuters reported, citing Iran's Mehr News Agency, that Tehran is currently evaluating a proposed temporary peace agreement with the US. The report follows Trump's comments that negotiations between the two nations are ongoing and a deal to extend the ceasefire and reopen the Strait of Hormuz is expected over the next week.In corporate news, Infineon Technologies (IFX.F) surged to the top of the index, climbing 9.52%, after fellow semiconductor company STMicroelectronics raised its 2026 data center revenue targets amid robust artificial intelligence-related demand.Meanwhile, BofA Global Research reiterated Bayer's (BAYN.F) buy rating, with a price objective of 50 euros, as the research firm noted the German life science company's Glyphosate Missouri class action was transferred to the Northern California federal court under US District Judge Vince Chhabria. Bayer was one of the worst performers on the index, closing 2.93% lower."There is some debate on validity of the removal and whether there is any route to remanding it back to Missouri. It's unclear who has the final decision as to whether the class being removed was appropriate (the Missouri federal court or Chhabria), though some legal feedback suggests it may be Chhabria's decision. As a reminder, Chhabria was very negative on the class action in an oral argument a few weeks ago (but didn't get involved due to lack of jurisdiction) and he rejected Bayer's 2020 attempt at a class settlement. From here we see it unclear how timelines for Chhabria's involvement in the class evolve, or any appeals for remanding the class action back to Missouri, relative to the June 4th opt-out deadline (unchanged), and SCOTUS decision widely anticipated by end June/early July," BofA wrote.

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

Germany's DAX Falls Amid Latest Manufacturing Data, Escalating Middle East Conflict

German shares declined on the first day of the month, with the blue-chip DAX index down 0.40% on Monday's close, as investors assessed the country's manufacturing data and the latest news on the Middle East war.According to S&P Global, the final Germany manufacturing PMI slipped to a four-month low of 50.1 in May from the previous month's 51.4, but surpassed the flash estimate of 49.9. The final reading reflected the first drop in new orders for 2026 and the second straight month of softer output growth amid the conflict in the Middle East."The upturn in the manufacturing sector stalled in May, confirming the warning signs from recent PMI surveys that growth - being driven by the frontloading of orders - was likely to fade," S&P Global Market Intelligence economics associate director Phil Smith said. "The true underlying health of demand appears to be showing itself, with new orders falling for the first time this year amid still-elevated levels of uncertainty and soaring prices."For the wider eurozone, the final manufacturing PMI hit a two-month low of 51.6 in May, down from the previous 52.2 and up from the preliminary reading of 51.4, reflecting a slowdown in demand amid accelerating prices.In other local economic news, Destatis reported that German retail sales fell 0.3% on a monthly basis in April, against a revised 0.3% decline in the prior month and the expected 0.4% decrease. Annually, German retail prices were down 0.3%, compared with the revised 0.2% dip earlier.In geopolitical news, the US Central Command said it launched "self-defense strikes" on Iranian military sites over the weekend, while Iran responded by targeting an air base used by US forces. Bloomberg News reported, citing a statement carried by the semi-official Tasnim news agency, that Iranian negotiators will also halt talks with their US counterparts in protest of Israel's expanded ground assault in Lebanon.Back home and on the corporate side, Berenberg raised its price target for Siemens AG (SIE.F) to 320 euros from 245 euros, and kept its buy rating, noting that the German technology group is well-placed to benefit from long-term demand drivers and highlighted the upcoming Siemens Healthineers (SHL.F) separation as a key catalyst."Siemens benefits from powerful structural drivers across its core markets, with rapid growth in electrification and a gradual recovery in automation markets likely. ... We view Siemens' industrial software business as market leading and recent nervousness around AI disruption as overblown, with scope for AI to materially enhance key offerings. We also think that the future spin-off of Siemens Healthineers would be a positive catalyst for the shares," the research firm wrote in an electrical sector-focused note. Siemens AG gained 1.06% at closing, while Siemens Healthineers was down 1.89%.

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Asia Markets

DAX Index Ends Week Flat; German Inflation Eases

Local equities climbed on the last trading day of the month, with the blue-chip DAX index up 0.05% at Friday's close, with investors weighing the latest batch of German economic data against tentative hopes for a diplomatic resolution to the Middle East conflict.According to data from Destatis, German annual inflation slowed to 2.6% in May, against the previous and expected 2.9%. The core inflation rate, which excludes food and energy prices, rose to 2.5% from 2.3% in April."Today's inflation data was a welcome, though not fully unexpected, surprise. However, it would be naive to think that the inflation wave has stopped before it really got started. Instead, inflation will crawl up in the coming months, probably reaching 4% by late summer. However, we take today's data as another piece of evidence that any repetition of the 2022 inflation shock is unlikely," ING said.On the jobs front, federal agency Bundesagentur für Arbeit reported that Germany's unemployment rate slipped to 6.3% in May from 6.4% in April, below the consensus estimate of 6.4%. The number of unemployed individuals in Germany declined by 12,000, compared with the revised 19,000 increase earlier and the expected 11,000 jump, according to Investing.com data.In geopolitical news, reports from Axios and Bloomberg of a tentative 60-day ceasefire extension between the US and Iran, alongside the resumption of talks about Iran's nuclear program, boosted investor sentiment. US Vice President JD Vance told reporters that the two sides were "going back and forth on a couple of language points.""Those headlines helped to drive a sharp move lower for oil yesterday. So Brent crude pared back its earlier gains to close -0.62% lower, hitting a one-month low of $93.71 [per barrel], with further declines overnight to $92.40/bbl. Indeed, it also means that oil prices are down over -18% over May as a whole, which would make this the biggest monthly decline since March 2020, back when the Covid-19 pandemic began and the world moved into lockdowns," Deutsche Bank Research wrote.On the corporate side, Deutsche Post (DHL.F), d/b/a DHL Group, unit DHL eCommerce, and the United States Postal Service signed an exclusive last-mile parcel delivery agreement. Expected to be worth over $10 billion, the multi-year deal will allow the German logistics group's subsidiary to scale its US market footprint. DHL fell 0.16% at the end of the session.

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Asia Markets

German Blue-chip DAX Index Blinks Red Amid Reignited US-Iran Conflict

Germany's blue-chip DAX index was downbeat on Thursday, closing 0.34% lower, as a fresh exchange of strikes threatens to derail US-Iran ceasefire talks.Reuters reported, citing an unnamed US official, that the US military launched defensive strikes in Bandar Abbas, Iran, shooting down four Iranian drones and targeting a ground control station. In response, Iran's Revolutionary Guard claimed it targeted the US air base responsible for the attack.Meanwhile, Washington and Tehran have yet to resolve critical impasses in negotiations, with US President Donald Trump saying he is "not satisfied" with the current terms. The White House also refuted the unofficial draft released by Iranian state TV, saying it was a "complete fabrication."The rising tensions lifted German defense stocks, including arms maker Rheinmetall (RHM.F), military and civilian propulsion systems group Renk Group (R3NK.F) and defense technology company Hensoldt (HAG.F), which gained 4.15%, 5.44% and 5.88%, respectively, on Xetra.Rheinmetall shares received an additional boost after securing a 1.02 billion-euro order for over 2,000 military transport vehicles for the German armed forces, or Bundeswehr. The order falls under a framework contract signed in 2024 for up to 6,500 vehicles.In other corporate updates, Bayer (BAYN.F) is facing a lawsuit from US seed company Latham Quality, which alleges the German life sciences company monopolized the genetically engineered corn seed market through anti-competitive pricing and blocking generic competitors. The plaintiff is seeking damages and an injunction to restore market competition.In an emailed statement to, Bayer said the claims "lack merit," and intends to answer the allegations in court, adding that the crop input and corn seed markets are "competitive, fair and diverse." The stock was down 0.73% at the close.On the economic side, the euro area economic sentiment indicator edged up to 93.5 in May from a revised 93.2 a month earlier, according to the European Commission's monthly survey. Meanwhile, the final consumer confidence index stood at -19 points, confirming the flash estimate and against the -20.6 points previously.

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

Correction: German Stocks Close Little Changed; Auto Stocks Rally

(Corrects date in the first paragraph)German equities rebounded on Wednesday, with the blue-chip DAX index up 0.09%, as the latest European Union car registration data and Volvo Car's rally fueled automotive stocks.According to the European Automobile Manufacturers' Association, new car registrations in the EU rose 5.1% annually in April to 972,314 units. For the first four months of 2026, car registrations totaled 3,794,280 units, a 4.2% increase compared with the same period last year.The auto sector was also lifted by a surge in Swedish carmaker Volvo Cars after it secured US regulatory approval to import and sell connected cars in the country.As such, German automobile makers Daimler Truck (DTG.F), Mercedes-Benz Group (MBG.F), Volkswagen (VOW.F), BMW (BMW.F) and Porsche Automobil Holding SE (PAH3.F) gained 3.29%, 3.12%, 2.54%, 2.34% and 1.51%, respectively, on Xetra. German automotive parts maker Continental AG (CON.F) also climbed by 4%.On the trade front, EU ambassadors cleared legislation to scrap import duties on a range of US goods, according to a Reuters report citing a source with knowledge of their meeting. The measures are intended to shield European companies from threats of higher US trade penalties set for July 4, though the bill still requires final approval from the European Parliament, with the final decision expected by mid-June.In local economic news, German corporate layoffs "somewhat" slowed in May as the ifo Employment Barometer ticked up to 93.9 points from April's 91.4 points. However, the Ifo Institute noted that "weak" economic development led to businesses remaining "cautious in their personnel planning."On the geopolitical front, Iranian state TV said an unofficial draft of a potential deal between the US and Iran would include the restoration of commercial shipping through the Strait of Hormuz within a month and withdrawal of the US naval blockade, but the plan remains unfinalised. The report helped drive Brent crude down 4.5% to under $95 per barrel.

^DAX$BMW.F$CON.F$DTG.F$MBG.F$PAH3.F$VOW.F
Asia Markets

German Stocks Close Little Changed; Auto Stocks Rally

German equities rebounded on Thursday, with the blue-chip DAX index up 0.09%, as the latest European Union car registration data and Volvo Car's rally fueled automotive stocks.According to the European Automobile Manufacturers' Association, new car registrations in the EU rose 5.1% annually in April to 972,314 units. For the first four months of 2026, car registrations totaled 3,794,280 units, a 4.2% increase compared with the same period last year.The auto sector was also lifted by a surge in Swedish carmaker Volvo Cars after it secured US regulatory approval to import and sell connected cars in the country.As such, German automobile makers Daimler Truck (DTG.F), Mercedes-Benz Group (MBG.F), Volkswagen (VOW.F), BMW (BMW.F) and Porsche Automobil Holding SE (PAH3.F) gained 3.29%, 3.12%, 2.54%, 2.34% and 1.51%, respectively, on Xetra. German automotive parts maker Continental AG (CON.F) also climbed by 4%.On the trade front, EU ambassadors cleared legislation to scrap import duties on a range of US goods, according to a Reuters report citing a source with knowledge of their meeting. The measures are intended to shield European companies from threats of higher US trade penalties set for July 4, though the bill still requires final approval from the European Parliament, with the final decision expected by mid-June.In local economic news, German corporate layoffs "somewhat" slowed in May as the ifo Employment Barometer ticked up to 93.9 points from April's 91.4 points. However, the Ifo Institute noted that "weak" economic development led to businesses remaining "cautious in their personnel planning."On the geopolitical front, Iranian state TV said an unofficial draft of a potential deal between the US and Iran would include the restoration of commercial shipping through the Strait of Hormuz within a month and withdrawal of the US naval blockade, but the plan remains unfinalised. The report helped drive Brent crude down 4.5% to under $95 per barrel.

^DAX$BMW.F$CON.F$DTG.F$MBG.F$PAH3.F$VOW.F
Asia Markets

German Shares Retreat Amid Revived US-Iran Escalation Fears

Germany's blue-chip DAX index reversed its earlier gains, closing 0.80% lower on Tuesday, as investor caution resurfaced following fresh US strikes on Iran and threats from Tehran.Overnight US strikes on Iranian missile sites and mine-laying boats, which US Central Command said were launched in self-defense, have put renewed pressure on April's fragile ceasefire. The military action hit just hours after US President Donald Trump claimed negotiations to extend the truce and report the Strait of Hormuz were moving forward, and shortly before Iran's Supreme Leader Mojtaba Khamenei warned that "nations and lands of the region will no longer be a shield for American bases."Danske Bank noted that Brent crude rebounded to $98.10 per barrel following the strikes, though it still trades lower than May 22's close of $103.50.Closer to home, European Central Bank executive board member Isabel Schnabel told Reuters that the ECB will likely need to raise interest rates in June to address a "much more persistent" inflation shock. With eurozone inflation at 3% and projected to approach 4% by the end of 2026, Schnabel warned that "looking through" the shock is no longer an option. However, she noted the ECB remains "strictly data dependent" and will not pre-commit beyond the June meeting.In Germany, export expectations further deteriorated in May as geopolitical uncertainty continues to cloud the industrial outlook, according to the ifo Institute. The ifo export expectations tumbled to -5.5 points from April's -1.2 points, with declines projected in foreign sales across the automotive, metal, and energy-intensive sectors.On the corporate front, Fresenius Medical Care (FME.F) was down 0.88% after the German healthcare company announced plans to launch a new share buyback program worth 1 billion euros. The program will be executed in tranches over 12 months, starting in the "near future."Meanwhile, mwb Research downgraded its rating on Infineon Technologies (IFX.F), noting the German semiconductor company's recent sharp rally created an "increasingly unfavorable setup" despite its solid strategic positioning and a strong operating environment. Infineon gained 1.07% at the end of the trading day."Infineon's fundamentals are clearly improving, with AI strength broadening into industrial recovery and early automotive stabilization, while order intake continues to move in the right direction. However, the stock has already captured this better backdrop: the broader chips trade has become crowded, valuations have rerated sharply, and further upside now depends on continued positive revisions and sustained multiple expansion," the research firm wrote. "With the stock materially above our revised EUR 60.00 price target, up from EUR 58.00, the risk-reward balance no longer supports a neutral stance. We therefore downgrade Infineon from HOLD to SELL."

^DAX$FME.F$IFX.F
Asia Markets

Germany's DAX Extends Rally on US-Iran Deal Hopes; Delivery Hero Jumps

The German blue-chip DAX index extended its gains at the start of a new trading week, closing 2.01% higher on Monday, buoyed by US-Iran deal optimism.Speaking in Tehran, Iranian Foreign Ministry Spokesperson Esmail Baqai acknowledged media reports of progress in talks with the US, saying the parties have "reached a conclusion on a large portion of the issues under discussion," but cautioned that an agreement is not "imminent." Earlier, US Secretary of State Marco Rubio issued a similar cautionary statement in New Delhi, India, telling reporters not to "read too much into it." Rubio's comments followed US President Donald Trump's directive to negotiators not to rush the process."We've been at this stage before, only for talks to break down. Therefore, the market will likely be more cautious about overreacting to these headlines. There also appears to have been some tempering of optimism. Trump has since said he's in no 'rush' for a deal and that it 'isn't even fully negotiated yet'. The US suggests that any final deal could take several days. Meanwhile, local Iranian media claims that the US is still blocking some key Iranian demands. Obviously, the big unknown is how the US and Iran will resolve their differences on Iran's nuclear programme," ING analysts said.Still, the news of a potential deal sent oil prices lower, with the Brent crude futures down nearly 6% to $98 a barrel, which in turn fueled a rally in the European travel and leisure sector. Aircraft engine manufacturer MTU Aero Engines (MTX.F) was DAX's top-performing stock at 6.11% in the green, while Airbus' (AIR.F) German stock gained 2.79%.Back in Europe, market watchers are awaiting key data this week, including the euro area's latest consumer confidence report on Thursday and preliminary May inflation print in Germany and the wider eurozone due on Friday. Germany's April import prices and May unemployment figures will also be released on Friday.In corporate news, Delivery Hero (DHER.F) surged 11.94% on Xetra, after London's Financial Times reported that Uber is considering raising its takeover offer for the German online food delivery company. Citing three people familiar with the matter, the report noted that Uber's board discussed a higher offer after a major shareholder rejected a 38-euro-per-share bid, equivalent to a valuation of more than 11.5 billion euros. Delivery Hero confirmed a baseline proposal of 33 euros per share in a May 23 release.

^DAX$AIR.F$DHER.F$MTX.F
Asia Markets

DAX Index Jumps Amid Upbeat German Economic Data

The blue-chip DAX index ended the trading week in the green, closing 1.15% higher on Friday, following an improvement in German economic growth and business and consumer confidence metrics.Final data from Destatis showed that Germany's gross domestic product ticked up 0.3% in the first quarter, following a 0.2% uptick in the previous three-month period. Federal Statistical Office President Ruth Brand noted exports "rose considerably" at the beginning of the year, bolstering the country's economic performance.Concurrently, the ifo Institute's business climate indicator stood at 84.9 points in May, up from April's revised 84.5 points and the expected 84.2 points. The expectations indicator ticked up to 83.8 points from the revised 83.5 points, while the current conditions index rose to 86.1 points from 85.4 points.ING noted that the stronger-than-expected first-quarter growth data offered some relief for the economy, but warned that business sentiment remained weak. "While German companies seem to have recovered somewhat from the first shock, the absolute level of the Ifo index remains weak. Yesterday, the latest PMI data already showed a high risk of the economy falling into contraction in the second quarter."Meanwhile, German consumer sentiment is expected to moderately improve in June, with the GfK consumer climate indicator up to -29.8 points from the revised -33.1 points in May. The reading, which compares with the consensus estimate of -33.7 points, reflects a "noticeably more positive" outlook for income expectations among German consumers, even as their willingness to buy remains muted.In corporate news, Deutsche Bank Research upgraded Deutsche Post (DHL.F), d/b/a DHL Group, to buy from hold and raised its price target to 56 euros from 48 euros, noting the strength of its DHL Express business."In an uncertain macro/geo-political backdrop, DHL benefits from: (i) self-help (delivery of fit for-growth savings EUR1bn); (ii) a well-invested network, esp. in DHL Express (market-leading positions); and (iii) superior pricing power given near-term pressures in global supply chain and structurally higher complexity. We see an end to the earnings d/g cycle, and mgmt. guide for c. EUR3bn [free cash flow] in 2026 underpinned," the research firm wrote. The German logistics company was one of the session's best performers, climbing 4.11%.German sportswear companies adidas AG (ADS.F) and Puma (PUM.F) were up 3% and 5.50%, respectively, on Xetra, bolstered by the better-than-expected fiscal 2026 results from Hoka-owner Deckers Outdoor.

^DAX$ADS.F$DHL.F$PUM.F
Asia Markets

Correction: Blue-chip DAX Index Slips; German Private Sector Still in Contraction Zone

(Corrects reference to private sector activity in the headline and second paragraph)German shares ended Thursday in the red, with the blue-chip DAX index losing 0.53%, as the market evaluated fresh preliminary private sector data against the latest updates on the US-Iran conflict.Business survey data from S&P Global showed the German private sector marking a second consecutive month in contraction territory. The Flash Germany Composite PMI Output Index rose to a two-month high of 48.6 in May, above the previous and expected 48.4, but below the 50.0 neutral threshold between growth and contraction. The reading was driven by weakness in the services sector amid sluggish demand and rising cost pressures.The flash composite PMI for the eurozone also contracted for the second month in a row, with the index hitting a 31-month low of 47.5 in May, compared with the earlier reading and consensus estimate of 48.8, as rising costs led to steeper declines in output and new business."While the markets' focus is still mainly on the inflationary impact of the war, today's eurozone PMI confirms that the growth impact is not to be overlooked... As the Middle East conflict remains unresolved right now, the negative impact of the energy shock on the eurozone economy is clearly increasing. That makes this time different from the previous energy shock. Without ample government support in place and without the vibrant reopening of the service sector as lockdowns ended, like in 2022, the negative impact on growth could be more pronounced," ING wrote.Pakistan is reportedly stepping up mediation efforts amid rising US-Iran tensions, Reuters reported, citing unnamed sources. Pakistan Army Chief Asim Munir is said to be considering a diplomatic visit to Tehran, while Iranian sources told the outlet that Tehran has hardened its nuclear stance by refusing to export near-weapons-grade uranium. US President Donald Trump also threatened immediate military action if Washington's demands are not met.Against this backdrop, the European Commission's Spring 2026 Economic Forecast cut the eurozone's growth outlook while raising inflation projections, citing a slowdown driven in part by energy shocks linked to the Middle East conflict. GDP is now expected to expand by 0.9% in 2026 and 1.2% in 2027, down from prior forecasts of 1.2% and 1.4%, respectively. Inflation outlook was revised up to 3% for 2026 and 2.3% for 2027, compared with earlier estimates of 1.9% and 2%.On the corporate side, DHL Supply Chain, a subsidiary of Deutsche Post (DHL.F), d/b/a DHL Group, began construction of a 17,000-square-meter European battery logistics center in Holtum, Netherlands. Expected to begin operations in early 2027, the facility will provide specialized storage and service space for high-voltage batteries required by electric vehicles and battery energy storage systems across Europe. The logistics group was down 0.37% at closing.

^DAX$DHL.F
Asia Markets

Blue-chip DAX Index Slips; German Private Sector Growth Accelerates

German shares ended Thursday in the red, with the blue-chip DAX index losing 0.53%, as the market evaluated fresh preliminary private sector data against the latest updates on the US-Iran conflict.Business survey data from S&P Global showed German private sector activity contracting for a second consecutive month, with the Flash Germany Composite PMI Output Index rising to a two-month high of 48.6 in May, above the previous and expected 48.4. The reading was driven by weakness in the services sector amid sluggish demand and rising cost pressures.The flash composite PMI for the eurozone also contracted for the second month in a row, with the index hitting a 31-month low of 47.5 in May, compared with the earlier reading and consensus estimate of 48.8, as rising costs led to steeper declines in output and new business."While the markets' focus is still mainly on the inflationary impact of the war, today's eurozone PMI confirms that the growth impact is not to be overlooked... As the Middle East conflict remains unresolved right now, the negative impact of the energy shock on the eurozone economy is clearly increasing. That makes this time different from the previous energy shock. Without ample government support in place and without the vibrant reopening of the service sector as lockdowns ended, like in 2022, the negative impact on growth could be more pronounced," ING wrote.Pakistan is reportedly stepping up mediation efforts amid rising US-Iran tensions, Reuters reported, citing unnamed sources. Pakistan Army Chief Asim Munir is said to be considering a diplomatic visit to Tehran, while Iranian sources told the outlet that Tehran has hardened its nuclear stance by refusing to export near-weapons-grade uranium. US President Donald Trump also threatened immediate military action if Washington's demands are not met.Against this backdrop, the European Commission's Spring 2026 Economic Forecast cut the eurozone's growth outlook while raising inflation projections, citing a slowdown driven in part by energy shocks linked to the Middle East conflict. GDP is now expected to expand by 0.9% in 2026 and 1.2% in 2027, down from prior forecasts of 1.2% and 1.4%, respectively. Inflation outlook was revised up to 3% for 2026 and 2.3% for 2027, compared with earlier estimates of 1.9% and 2%.On the corporate side, DHL Supply Chain, a subsidiary of Deutsche Post (DHL.F), d/b/a DHL Group, began construction of a 17,000-square-meter European battery logistics center in Holtum, Netherlands. Expected to begin operations in early 2027, the facility will provide specialized storage and service space for high-voltage batteries required by electric vehicles and battery energy storage systems across Europe. The logistics group was down 0.37% at closing.

^DAX$DHL.F

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