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

Asia Markets

DAX Index Rises as German Inflation Eases

Local equities gained on the last trading day of June, with the blue-chip DAX index up 1.43% at Tuesday's closing, as the market assessed Germany's latest inflation figures and awaited updates on the anticipated US-Iran talks in Qatar.Preliminary data from Destatis showed German annual inflation eased to 2.3% in June, against the previous and expected 2.6%. The core annual inflation rate, which excludes food and energy prices, remained unchanged at 2.5%."Looking ahead, as today marks the last day of the government's tax rebate on fuel, inflation should accelerate again next month, even if global energy prices have come down. Beyond the fiscal stimulus reversal, we still expect some knock-on effects from higher energy prices on transportation costs, food prices and other industrial products over the coming months," ING said.On the jobs front, the federal agency Bundesagentur für Arbeit reported that Germany's unemployment rate remained at 6.3% in June, as expected. The number of unemployed individuals in the country declined by 1,000, compared with the 12,000 drop earlier.On the corporate side, Siemens Energy (ENR.F) rose to the top of the DAX, climbing 5.68%, as BofA Global Research increased its earnings assumptions for the German energy technology company and raised the price objective on the buy-rated stock to 260 euros from 250 euros."We expect ENR to report a solid Q3. Our group order [estimate] is 'only' +4% vs cons (BofAe EUR17.6bn vs cons EUR17.0bn) but we see double-digit upside in Gas (EUR9.0bn vs EUR7.4bn) and Grid (EUR6.0bn vs EUR5.4bn), offset by Gamesa weakness given no offshore orders (EUR1.2bn vs EUR3.0bn); we would expect investors to focus on the Gas & Grid strength," BofA wrote.Meanwhile, the Federal Financial Supervisory Authority, or Bafin, concluded its audit of Mutares' (MUX.F) full-year 2023 financial statements with zero objections. The private equity company noted that a single missing disclosure regarding the remaining term of certain receivables was already corrected in subsequent filings.Separately, Mutares' portfolio company Amaneos finalized the acquisition of automotive supplier Magna's European automotive lighting business through its subsidiary, Light Mobility Solution. Mutares was up 0.37% on Xetra.

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Asia Markets

Germany's DAX Index Down Amid Reports of Tentative US-Iran De-escalation

Germany's blue-chip DAX index ended the Monday session on a downbeat note, closing 0.18% lower, as investors assessed reports that the US and Iran temporarily halted attacks ahead of planned talks in Doha, Qatar.Following tit-for-tat weekend strikes, Reuters reported, citing a source with knowledge of the talks, that American and Iranian technical teams are scheduled to meet in Qatar's capital city on Tuesday to focus on defusing tensions and managing the Strait of Hormuz."Both sides are said to be standing down for now, allowing shipping flows to continue, although disputes over key provisions of the memorandum of understanding-particularly around control and potential costs for transit through Hormuz-mean the situation remains fragile and risks to regional stability persist. Brent is up +0.71% this morning," Deutsche Bank Research wrote.On the economic side, markets are monitoring the ongoing European Central Bank's Sintra Forum, featuring speakers such as US Federal Reserve Chief Kevin Warsh and ECB President Christine Lagarde. Economic data for the week includes flash June inflation prints in Germany due on Tuesday and for the eurozone on Wednesday.In corporate updates, Zalando (ZAL.F) was one of the best performers, gaining 0.92%, as Berenberg reiterated its buy rating and price target of 53 euros on the German online retailer ahead of the company's second-quarter results."We make no change to our sales or profit estimates, with our Q2 estimates currently set on the cautious side of consensus. We view FY 2026E as a year of transition as Zalando [rationalizes] its logistics network and restructures the About You business; however, we do expect ongoing growth for the company across [business-to-consumer and business-to-business] from a structural perspective," Berenberg said, adding its positive stance on the company is underpinned by its "moderate" top-line growth, EBIT margin expansion potential, alongside unique consumer offering tailored for the age of artificial intelligence.Meanwhile, Nordex Group (NDX1.F) secured a wind turbine supply order for 55 N163/5.X turbines with a total capacity of 325 megawatts from an undisclosed US customer. The German wind turbine manufacturer climbed 1.09% at close.

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Asia Markets

German Shares End Week Lower; Zalando Slips on Regulator Probe

German equities were in the red on the last trading day of the week, with the blue-chip DAX index down 1.29% at Friday's close, as shares in Zalando (ZAL.F) fell after the launch of a financial regulatory investigation.Zalando was the worst performer, with its shares falling 6.32%, after the German Federal Financial Supervisory Authority, or BaFin, initiated a probe into the online retailer's full-year 2025 financial results over an alleged accounting breach, noting a potential failure to disclose a related-party transaction tied to its acquisition of About You Holding.Meanwhile, some technology headlines weighed on investor sentiment, including news of Apple Inc. (APC.F) passing rising component costs to consumers and a New York Times report saying that OpenAI might push back its highly anticipated initial public offering.Against this backdrop, German semiconductor manufacturer Infineon Technologies (IFX.F) declined 4.52%, while Apple's Frankfurt-listed shares lost 0.20% on Xetra.In economic news, consumer inflation expectations in the euro area declined month over month. Based on the latest monthly European Central Bank Consumer Expectations Survey, median expectations for inflation for the next 12 months fell to 3.5% in May from April's 4%. Meanwhile, the forecast for the next three years and the five years ahead remained unchanged at 2.9% and 2.4%, respectively.Back home, the ifo Institute said that German companies are accelerating their headcount reductions amid persistent market weakness, noting the layoffs are affecting most sectors except for the construction industry, which intends to maintain staffing levels "largely constant." The ifo Employment Barometer ticked down to 92.3 points in June from 93.9 points a month ago.German Chancellor Friedrich Merz's coalition is said to be negotiating up to 20 billion euros in income tax relief as it seeks to advance its broader economic reform agenda. Leaders of the coalition will meet on Sunday to resolve differences over the proposed tax cuts, according to a Bloomberg News report.On the geopolitical front, an attack on a cargo ship near Oman prompted the UN's maritime organization to pause its Strait of Hormuz escort operation, raising doubts over the preliminary peace deal between the US and Iran. "Iran's Persian Gulf Strait Authority warned that ships outside its designated routes travel at their own risk, while shipping data showed crude flows through Hormuz have risen to their highest level since the war began," Danske Bank wrote.

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International

Spanish Annual Producer Prices Up 10.5% in May

Producer prices in Spain jumped 10.5% year over year in May, following a revised 8.5% growth previously, data from the National Statistics Institute showed Thursday.On a monthly basis, the industrial price index was 1% higher, after a revised 2% increase in March.

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Asia Markets

DAX Index Falls; Rheinmetall Plunges on Canceled German Naval Deal

The blue-chip DAX index closed Wednesday 0.62% lower, driven by Rheinmetall (RHM.F), which tumbled following news that Germany scrapped its F126 frigate program.Citing significant delays, cost inflation, and structural risks, Germany's defense ministry revoked its contract for six F126-class Navy frigates. The sudden cancellation of the program sent Rheinmetall's shares falling 18.65%, as the defense company was said to be lined up for the deal, Reuters wrote in a same-day report.Mwb Research warned that the cancellation puts Rheinmetall's naval business outlook at risk. "The F-126 frigate cancellation strips Rheinmetall of the crown jewel that justified the NVL acquisition and anchored 2030 Naval guidance. We're resetting Naval revenue from EUR 5bn to EUR 3bn which reflects both the loss of F-126 core revenue and the reality of a shipyard running below capacity," the research firm wrote.To meet the country's anti-submarine warfare needs, the German defense ministry said it would pivot to purchasing eight Meko A-200-DEU frigates. According to Reuters, these Meko-class vessels are manufactured by TKMS AG & Co. (TKMS.F). The shipbuilder rose 16.07% on Xetra.In other defense-related news, pan-European land defense group KNDS confirmed plans to launch an initial public offering, with listings on both the Frankfurt Stock Exchange and the Euronext Paris, to help scale operations and meet the growing demand from modernizing European armed forces.On the economic front, the ifo Institute's business climate indicator rose to 85.6 points in June, as expected, from the revised 85 points in May. The expectations indicator also ticked up to 84.1 points from the revised 83.9 points earlier, while the current conditions index edged up to 87 points from 86.1 points."Somehow, the German - and indeed the wider European - economy remains in a kind of twilight zone. Hard data will continue to show the fallout from the war in the Middle East and soaring energy prices, while soft data such as this morning's Ifo index, points to a return of optimism," ING wrote, attributing the improved sentiment to the US-Iran peace talks and the reopening of the Strait of Hormuz.Speaking of the Middle East conflict, the US Senate voted 50-48 to pass a war powers measure aimed at restricting President Donald Trump's ability to initiate military action against Iran without prior authorization from the US Congress. "Although its legal force is disputed, the vote signals growing bipartisan scepticism over the administration's Iran policy," Danske Bank said.

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Asia Markets

Blue-chip DAX Index Slips as German Private Sector Further Contracts

German shares ended Tuesday in the red, with the blue-chip DAX index down 0.98% at closing, as the market evaluated the latest flash PMIs alongside updates on the US-Iran peace talks.Business survey data compiled by S&P Global showed that private sector output in Germany contracted for the third consecutive month amid a faster decline in activity due to persistent weakness in underlying demand. The Flash Germany Composite PMI Output Index came in at an 18-month low of 48 in June, down from the previous 48.8 and the market forecast of 49.9.Zooming out, the flash composite PMI for the eurozone hit a three-month high of 49.5 in June, compared with the previous 48.5 and the expected 49.1, as the private sector downturn eased amid a modest rise in manufacturing output and a softer decline in services activity."This still marks sluggish economic activity for the bloc, but the easing of price pressures indicated by the survey is encouraging. The combination of sluggish growth and fading inflation concerns marks a dovish reading for the [European Central Bank]," ING said.On the geopolitical front, the US waived sanctions on Iran until Aug. 21, enabling Tehran to sell oil and related products. The 60-day waiver serves as the initial phase of economic relief promised under the memorandum of understanding between the two nations to secure a final peace deal.In corporate news, RWE (RWE.F) was up 0.07% after the German energy group launched a private placement to finance its purchase of an additional stake in German power grid operator Amprion."RWE announced a c.EUR4bn private placing, with EUR1bn committed, intending to grow its Amprion stake to 55%. Deal looks attractive at 1.07x 2027E RAB, expected to add 15cents to RWE's 2031 adj. EPS. We view the transaction as strategically strong and see market appetite for more equity," Barclays said in a quick-take note.Rheinmetall (RHM.F) secured a mid-three-digit million-euro order to deliver 23 Bergepanzer 3 Büffel armored recovery vehicles to the German armed forces between December 2027 and June 2029. The order is intended to replace the vehicles that Germany previously provided to Ukraine. The German arms maker lost 1.92% at the end of the trading session.

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Asia Markets

German Shares Climb as US-Iran Peace Talks Advance

German equities closed Monday's trade in the green, with the blue-chip DAX index gaining 0.66%, as the US and Iran move forward with peace negotiations.The two countries concluded their initial round of mediated talks in Switzerland, facilitated by Pakistan and Qatar, agreeing to a 60-day roadmap aimed at achieving a final deal. The sides also discussed measures such as a direct communication line to protect commercial maritime transit through the Strait of Hormuz and a mechanism to end military operations in Lebanon."This marks a notable shift from Saturday's confusion, when Iran suggested the strait was now closed again after Israeli attacks in Lebanon, and briefly stepped back from talks following renewed threats from President Trump," Deutsche Bank Research said, noting that oil flows through Hormuz continued and even increased over the weekend, helping calm markets.Market watchers are also awaiting key economic updates for the week, including June flash PMIs for Germany and other major European economies due on Tuesday, followed by Germany's ifo business climate survey on Wednesday and the latest GfK consumer confidence data on Thursday.On the corporate front, Infineon Technologies (IFX.F) climbed 4.84% as BofA Global Research maintained its buy rating and price objective of 108 euros, saying the July opening of the fabrication plant in Dresden, Germany, secures the infrastructure required for the artificial intelligence-related power demand."The fab marks the largest single investment in Infineon's history, following the company's 2022 announcement of a EUR5bn investment into the site's power semiconductor and analog/mixed-signal capacity. Its opening comes at a critical point, as Infineon remains capacity constrained in AI power. Dresden, alongside incremental capacity from Villach, Kulim and redeployed IGBT comfortably underpins our EUR3.9/EUR5.9bn DC/AI revenue forecast in 27/28E, driving mix to 20%/25% of group sales (vs. 8% in '25)," BofA said.Meanwhile, German infrastructure group Hochtief (HOT.F) joined the blue-chip DAX index today, replacing Porsche Automobil Holding (PAH3.F), d/b/a Porsche SE. The holding company transitioned to the mid-cap MDAX following an index reshuffle announced in early June. Hochtief rose 3.13%, while Porsche SE was down 1.08% on Xetra.

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Asia Markets

Blue-chip DAX Index Ends Flat; German Producer Prices Rise

The blue-chip DAX index ended the last trading session of the week flat, as investors digested fresh producer price data alongside a new US trade probe launched against Germany's pharmaceutical sector.Destatis reported that annual producer prices rose 2.2% in May, compared with a 1.7% gain earlier and the market forecast of a 2.5% jump. Monthly producer prices were 0.3% higher, missing the expected 0.7% uptick. The German Federal Statistical Office attributed the year-over-year increase to higher costs of intermediate goods and energy prices.On the trade front, the US government launched an investigation aimed at determining whether pharmaceutical pricing policies in Germany pose "unreasonable or discriminatory" barriers to American commerce. According to US Trade Representative Jamieson Greer's office, the investigation came after "months of meaningful discussions" with German partners to settle the matter."I am particularly concerned with news that Germany is fast-tracking legislation that would further reduce its spending on innovative pharmaceuticals. This is a serious step backwards at a time when our trading partners need to step up and start paying their fair share to fund innovative pharmaceutical research and development," Greer said.Meanwhile, geopolitical uncertainty resurfaced after the Swiss Federal Department of Foreign Affairs confirmed that the scheduled peace talks between the US, Iran, Qatar and Pakistan were postponed. The delay threatens to cloud the outlook for the recently signed temporary agreement.In corporate news, Commerzbank (CBK.F) pushed back against UniCredit's claim of support for its takeover bid, arguing that the disclosed 12.51% acceptance rate was largely driven by banks and parties linked to the Italian lender. Commerzbank toldthat acceptance among institutional and retail investors was "just slightly above 1%." The German bank gained 0.70% at Friday's close.AlphaValue/Baader Europe cut its full-year 2026 and 2027 EPS estimates for Mercedes-Benz Group (MBG.F) by 15.2% and 20.7%, respectively, to 4.72 euros and 5.75 euros, flagging a "significantly" lower 2026 passenger car registration forecast from the China Passenger Car Association."This deterioration in the market outlook leads us to expect a weaker-than-previously-anticipated performance in China for Mercedes. In addition, BMW [BMW.F] recently highlighted increasing competitive pressure across the broader Asia-Pacific region, most likely as Chinese [original equipment manufacturers] continue to increase exports to these regions, further exacerbating pricing pressure, a headwind that we also expect to affect Mercedes. Consequently, the risk of a profit warning appears to be increasing," the research firm wrote. Mercedes-Benz gained 0.85%, while BMW climbed 0.57%.

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Asia Markets

German Stocks Extend Gains as US-Iran Sign Interim Peace Deal

German shares extended their gains on Thursday, with the blue-chip DAX index climbing 0.37%, as the US and Iran signed a tentative peace agreement earlier than anticipated.Ahead of an initially expected Friday timeline, US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, digitally signed a memorandum of understanding aiming to permanently end their conflict and reopen the Strait of Hormuz. The news boosted market sentiment and helped drive oil prices lower.On the economic side, the ifo Institute reduced its 2027 price-adjusted gross domestic product growth projection for Germany to 0.8% in its summer economic forecast, from 1.2% previously, while maintaining its 2026 assumption at 0.8%. Even as estimates are based on a gradual decline in energy prices following the US-Iran peace agreement, the research institute warned that prices could remain above pre-war levels, potentially shaving 0.4 percentage points off growth in both 2026 and 2027."While a massive energy price shock caused by the Middle East conflict is slowing down the economy, a highly expansionary fiscal policy is supporting growth. The economy is currently being shaped by conflicting forces," the ifo wrote.On the corporate front, Siemens Energy (ENR.F) was DAX's top stock, closing 4.70% higher, as the German energy technology company confirmed withthat it is evaluating the long-term setup of its Transformation of Industry unit in an effort to accelerate its growth. Siemens Energy said that no final decisions have been made, clarifying an earlier report by Manager Magazin, citing confidential internal documents. The report stated that the company is weighing a potential spinoff of its compressors and steam turbines division.Meanwhile, Deutsche Bank Research forecasts BASF's (BAS.F) second-quarter EBITDA will beat market expectations, while anticipating that the German chemicals company will affirm its full-year 2026 outlook during its earnings report on July 29."We forecast Q2 EBITDA to be up 31% YoY to EUR2.088bn (2% above consensus), driven by strong growth in the upstream businesses on improved pricing/margins alongside higher volumes. We expect mgmt to reiterate the FY 26 EBITDA guidance of EUR6.2-7.0bn. Yet we remain slightly above despite modest EPS cuts (1-4%) to reflect the [faster-than-expected normalization] of margins as supply disruptions ease. We are 8% above the mid-point and 2% above the high end of the range, but 2% below consensus," Deutsche Bank Research wrote. BASF was down 2.71% at closing.

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Asia Markets

DAX Index Climbs; BMW Drops on FY26 Profit Warning

German equities gained on Wednesday, closing 0.10% in the green, as the market anticipates the US Federal Reserve interest rate decision due later in the day and the formal signing of an interim US-Iran peace deal later in the week.In a joint statement, the heads of the G7 countries welcomed the interim agreement between the US and Iran, which they noted offered an opportunity to prevent Iran from developing nuclear weapons. As they expressed their readiness to assist in the deal's implementation, the leaders also called for a ceasefire in Lebanon."We commit to accelerate the diversification of energy supply routes in order to reduce global vulnerability to the Strait of Hormuz and to increase our energy stocks," the leaders said in the statement issued during the G7 Summit in Evian, France.On the economic front, inflation in the eurozone accelerated in May. According to final data from Eurostat, the euro area's annual inflation rate rose to 3.2% from 3% in April, in line with the flash estimate. Meanwhile, the core rate, which excludes energy, food, alcohol and tobacco, came in at 2.6%, above the preliminary forecast of 2.5% and the previous 2.2%.The highest contributors for the month were services, followed by energy, food, alcohol and tobacco, and then non-energy industrial goods.In corporate news, BMW Group (BMW.F) was the worst performer, dropping 8.34%, after cutting its full-year 2026 outlook. The downgrade includes a "significant" year-over-year decline in group pretax profit, compared with the previously expected "moderate decrease.""BMW has issued a material guidance cut, attributing it once again to a softer market in China and the wider [Asia Pacific] region, alongside second-order effects stemming from the Middle East conflict. While a guidance revision was anticipated over the past few days, after the stock underperformed and the company cancelled a long-planned [Chief Executive Officer] sell-side meeting, we believe the magnitude of this cut is materially larger than expected - >EUR 3bn on EBIT and EUR 2bn on [free cash flow]," Deutsche Bank Research said.The news also sent stocks of fellow German automotive companies Mercedes-Benz Group (MBG.F), Volkswagen (VOW.F), and Porsche Automobil Holding SE (PAH3.F) down 4.36%, 3.48%, and 1.96%, respectively, on Xetra.Meanwhile, Bayer (BAYN.F) completed its acquisition of US-based Perfuse Therapeutics, fully integrating the glaucoma and diabetic retinopathy drug developer. The German healthcare and agricultural products company paid $300 million upfront, with the total deal value potentially reaching $2.45 billion pending milestone payments. Bayer was up 4.80% at the end of the trading day.

^DAX$BAYN.F$BMW.F$MBG.F$PAH3.F$VOW.F
Asia Markets

Germany's DAX Index Flat; Economic Sentiment Turns Positive

Germany's DAX index was little changed on Tuesday, closing 0.07% higher, as data showed that economic sentiment in the country and the wider eurozone turned positive after the US and Iran agreed on a preliminary deal to end the war.The ZEW economic sentiment indicator for Germany improved to 10.5 points in June from -10.2 points in May, higher than the consensus estimate of -6 points. On the other hand, the current situation indicator fell to -81 points from -77.8 points.In the wider euro area, the economic sentiment index climbed by 18.6 points to 9.5 points in June, better than market forecasts of -7.2 points, while the current economic situation indicator decreased by 2 points to -43.4 points."The ZEW Indicator returns to positive territory as financial market experts expect the Iran conflict to be nearing an end. This is likely to ease the massive pressure on energy prices and inflation, which would benefit energy-intensive industries and private households and would strengthen domestic demand," ZEW President Achim Wambach said.In other news, the European Union and the UK agreed to hold their second summit on July 22. "Close EU-UK cooperation is essential for our shared European security, resilience, and prosperity," European Council President António Costa said in a post on social media platform X.On the corporate front, the German federal government rejected Italian lender UniCredit's offer to exchange shares in Commerzbank (CBK.F). The Financial Market Stabilisation Fund's interministerial steering committee said the offer does not include an appropriate premium on Commerzbank's current share price. The German bank's stock was up 0.25% at the end of the trading day.Meanwhile, Deutsche Bank Research lifted its price target for Redcare Pharmacy (RDC.F) to 102 euros from 99 euros, with a buy rating on the stock, after the online pharmacy raised its full-year 2026 guidance following growth acceleration in the first two months of the second quarter. Redcare's shares jumped 6.89% at closing."The new outlook implies c.15% upside to consensus 2026 earnings, meaning the first catalyst for our recently opened Catalyst Call has now materialized," the research firm said. "We incorporate the upgraded guidance, lifting our 2026 adjusted EBITDA estimate by 12% and outer-year estimates by up to 5%, resulting in a new target price of EUR102."

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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.

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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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