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Asia Markets

Germany's DAX Index Retreats; SAP Surges on Higher Q1 Earnings

Germany's blue-chip DAX index closed Friday lower by 0.11%, as investors weighed the stalled US-Iran peace talks against the latest round of corporate earnings and trading updates.As the Strait of Hormuz remains closed, tensions linger between Washington and Tehran, with no signs of further talks on the horizon. US President Donald Trump said he is willing to wait for an "everlasting" peace deal, even as he authorized the US Navy to fire on mine-laying boats in the embattled waterway.Against this backdrop, the ifo Institute's business climate indicator fell to 84.4 points in April 2026 from the revised 86.3 points earlier, below the consensus estimate of 85.7 points on Investing.com. The latest reading marked the index's lowest level since May 2020, with both the current situation index and expectations indicator falling from a month ago and missing market expectations."The war in the Middle East and soaring energy prices have again exposed the fact that Germany is one of Europe's largest net importers of energy. ... With the war in the Middle East now gradually shifting from a pure energy price shock towards an energy supply and broader supply chain shock, the German economy is once again at the centre of an exogenous, global, disruption," ING said. "All of this said, even if sentiment is suffering enormous setbacks right now and fears of another year of stagnation have returned, it should be clear that the planned investments in defence and infrastructure are still on track and should support the economy this year and beyond. The fiscal impulse is real, it just needs time to reach the real economy."On the corporate front, SAP (SAP.F) gained 4.68%, rising to the top of the blue-chip index, after reporting an increase in first-quarter earnings on robust cloud business performance, with total revenue up 6% year over year to 9.56 billion euros. The German software company maintained its full-year 2026 forecasts, including 23% to 25% cloud revenue growth at constant currencies, while noting the outlook remains contingent on the de-escalation of the Middle East conflict.Meanwhile, BofA Global Research upgraded its price objective and earnings estimates for Siemens Energy (ENR.F) to account for the company's revised fiscal 2026 outlook. The German energy company now projects revenue growth between 14% and 16%, improving upon its previous 11% to 13% estimate, among others."We raise our 2026/27 adj EBITA estimates 8/12% after ENR's guide upgrade yesterday (+10/16% vs consensus) and lift our [free cash flow] estimates 40/11% too (+42/37% vs consensus). As a result, we raise our [price objective] to EUR250 from EUR220. Reiterate Buy," the research firm wrote. Siemens Energy was up 2.64% at the end of the last trading day of the week.

^DAX$ENR.F$SAP.F
Asia Markets

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

German shares ended Thursday in the red, as the market processed weak private sector data alongside war-driven oil price hikes.At closing, the blue-chip DAX index lost 0.16%.Business survey data compiled by S&P Global showed that private sector output in Germany contracted for the first time in nearly a year due to the conflict in the Middle East. The Flash Germany Composite PMI output index came in at a 16-month low of 48.3 in April, against the previous 51.9 and the market forecast of 51.1.Zooming out, the flash composite PMI for the eurozone hit a 17-month low of 48.6 in April, compared with the previous 50.7 and expected 50.2, as private sector output tumbled for the first time in 16 months amid strengthening inflationary pressures."The Iran war and the subsequent surge in energy prices are taking their toll on Europe... This dip below the 50-point threshold, which separates growth from contraction, confirms our forecast that Eurozone growth will temporarily stall as a result of the war. Whilst the Bloomberg consensus forecasts GDP growth of 0.2% and 0.3% qoq for Q2 and Q3, we expect growth of just 0.0% and 0.2%," Berenberg said.In corporate news, TUI (TUI1.F) was down 4.24%, as Deutsche Bank Research trimmed the price target of the German leisure, travel, and tourism company's buy-rated stock to 10.5 euros from 12 euros following its fiscal 2026 outlook revision."Key Changes are i) Revenue initial +2-4% growth guidance is suspended, ii) the underlying EBIT Original +7-10% growth vs FY25's EUR1,413m is lowered to a range of EUR1.1-EUR1.4bn, a -6.7-20% cut from initial consensus. Summer bookings are down -7% due to a 'wait and see' approach, with declines in Turkey, Cyprus, and Egypt not fully offset by Western Mediterranean bookings. Positive Development: two cruise ships finally exited the Arabian Gulf and are expected to resume cruises mid-May," the research firm wrote.Meanwhile, Allianz (ALV.F) unit Allianz Global Investors purchased a 51% stake in battery storage platform Green Energy Storage Initiative, or GESI. The acquisition is intended to bolster the German insurer's presence in large-scale battery storage, supporting the infrastructure required for a stable and resilient energy grid. Allianz gained 0.08% at the end of the session.

^DAX$ALV.F$TUI1.F
Asia Markets

German DAX Index Blinks Red; Deutsche Telekom Shares Down on Merger Rumors

German equities fell Wednesday, as investors assessed the federal government's spring economic forecast alongside a flurry of corporate updates.At closing, the blue-chip DAX index was down 0.31%.Federal Minister for Economic Affairs and Energy Katherina Reiche said the government now expects Germany's gross domestic product growth at 0.5% in 2026, down from the prior forecast of 1%, as energy and raw material prices surge amid the US-Iran conflict. In 2027, real GDP growth is projected to slightly accelerate at 0.9%, against the previous estimate of 1.3%. Inflation for the two-year period is seen at 2.7% and 2.8%, respectively.Speaking of the Middle East war, US President Donald Trump announced an indefinite ceasefire with Iran, the de-escalation remains tenuous, with the move viewed as a unilateral declaration without confirmation of compliance from Tehran or Tel Aviv. Trump also confirmed the US Navy would continue to block Iranian ports and coastlines."Three weeks ago, we saw a marked shift in the US-Iran War, from its 'kinetic' phase (bombing, etc.) to its 'economic' phase (mainly, the US's blockade of the Strait of Hormuz). This shift hasn't restored safe passage in the Strait yet, but traders are comforted, perhaps because the economic war attests to the US's strength (the navy's power to enforce a blockade and 'starve' Iran). The feeling is that this is a 'superior' strategy, which could lead to concessions from Iran earlier than otherwise," Macquarie said. "But controlling Hormuz also makes common cause with the US's recent attempts to control other critical 'straits', such as Gibraltar, Malacca, the Greenland-Iceland-UK Gap (GIUK), and Panama. If so, the US's long-term 'goal' may be to prevent China's hegemony by controlling all the physical nodes through which China's economy depends for its flows. Against that goal, having lower oil prices is of secondary importance to the US."On the corporate side, German semiconductor company Infineon Technologies (IFX.F) surged to one of the top spots of the blue-chip DAX, rising 3.23%, benefiting from a sector-wide rally after Dutch computer chip maker ASM International and electrification and automation company ABB reported strong first-quarter figures amid the ongoing artificial ​intelligence investment boom.Meanwhile, Deutsche Telekom (DTE.F) is weighing a potential merger with its US subsidiary, T-Mobile US, in a move to streamline the group's corporate and operational structure, according to a Bloomberg report. The deal would reportedly involve the creation of a new holding company designed to absorb the shares of both the German telecommunications company and its 53%-owned US unit. Deutsche Telekom was the worst performer, dropping 4.55%.

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

DAX Index Blinks Red as German Economic Sentiment Falls

German equities fell on Tuesday, with the blue-chip DAX index ending the trading session 0.60% in the red, as the market digested the latest economic sentiment survey for the eurozone's biggest economy and updates regarding potential US-Iran truce talks.The ZEW economic sentiment indicator for Germany tumbled to -17.2 points in April from March's -0.5 point, missing the consensus estimate of -6.7 points. The current situation index also fell by -10.8 points to -73.7 points, slightly behind the expected -70 points."Economic expectations are slipping into negative territory. The economic consequences of the Iran war for the German economy go far beyond price increases: Businesses are concerned about long-term shortages of energy supply, and this discourages investment and weakens the effect of government stimuli," ZEW President Achim Wambach said.Speaking of the Middle East conflict, Reuters reported, citing a Pakistani source, that momentum is building for talks to resume on Wednesday between the US and Iran, with US Vice President JD Vance expected in Islamabad. The news outlet noted comments from Tehran stating it was "positively reviewing" participation while continuing to demand the recognition of its right to enrich uranium and an end to the naval blockade of its ports, among other conditions.In corporate news, Beiersdorf (BEI.F) was one of the blue-chip index's top losers, falling 2.97%, after posting lower-than-expected first-quarter sales amid headwinds across its core brand and luxury portfolio. The German personal care products manufacturer's sales for the three months ended March 31 decreased by 4.6% on an organic basis to 2.48 billion euros, compared with FactSet-compiled consensus of 2.56 billion euros.Meanwhile, Berenberg forecasts a "surprisingly good, if volatile, 2026" for BASF (BAS.F), though it cautions that this "overdue good fortune" is already baked into the share price. Consequently, the research firm maintained its hold rating while nudging its price target up to 51 euros from 48 euros."This report is the first time in years where we have substantially raised earnings forecasts for BASF. After a decade of struggling to adapt to oversupply in the chemicals sector, the most substantive pieces of news over the last six months have all been positive. Against the backdrop of domestic German stimulus, shares have responded well to: i) potential political relief on carbon taxation and select anti-dumping investigations; and ii) increases in chemicals prices caused by Iran-conflict-induced feedstock shortages at Asian peers. We are unsure of the longevity of ii, but the self-help measures, including the sale of coatings for EUR8.7bn (13x EV/EBITDA), have left the company quite well-placed to enjoy the upswing," Berenberg said. The German chemicals company gained 1.12% at the end of the trading day.

^DAX$BAS.F$BEI.F
Asia Markets

German Shares Down as US-Iran Tensions Reignite

Germany's blue-chip DAX index reversed last week's winning streak, closing 1.04% in the red on Monday, amid renewed friction between the US and Iran.A US naval interception of an Iranian cargo ship on Monday triggered a vow of retaliation from Tehran, which also reinstated restrictions on the Strait of Hormuz over the weekend amid the US' continued blockade of Iranian ports. As Tuesday's ceasefire expiration looms, Iran threatened to boycott the anticipated second round of negotiations, demanding an immediate end to the closure of its ports as a prerequisite for talks."Oil prices rebounded, with Brent crude trading at USD 95 [per barrel] this morning, as the market digested the turmoil around the Strait of Hormuz. The market is likely to stay volatile this week as US and Iran will try and negotiate a deal. If oil does not start flowing through the strait soon, oil prices are likely to rise further and above USD 100/bbl again," Danske Bank said.In local economic news, Destatis reported that producer prices ticked down 0.2% year over year in March, compared with a 3.3% decline earlier. The German Federal Statistical Office attributed the year-on-year decline to energy price adjustments. On a monthly basis, the index was up 2.5% in March 2026, marking the biggest month-over-month rise in producer prices since August 2022.On the corporate side, Commerzbank (CBK.F) shares moved 1.33% higher, as significant shareholder UniCredit unveiled a value-creation plan for the German bank. Seeking to boost 2028 net profit to 5.1 billion euros, versus Commerzbank's 4.5 billion-euro goal, UniCredit urged a faster transformation, claiming the current management is "insufficiently prepared" for future challenges and too focused on short-term delivery.Meanwhile, Deutsche Bank Research trimmed buy-rated SAP's (SAP.F) price target to 200 euros from 220 euros, as part of a report focused on the European software and information technology services sector. The German software company was the DAX's second-biggest loser during the session, shedding 3.28%."The European and global Software sector has seen some recovery of share prices over the last days which we see as a result of very negative positioning going into earnings season. While this is somewhat of a relief following the derating of the last months, we retain our selective approach and overall more cautious stance on the space. We expect new releases of OpenAI, Google and other models during Q2, which represent further headline risks to the sector, while established Software companies need to transform themselves (further) in order to deliver maximum value from AI solutions to their customers in a rapidly evolving technology landscape. Lastly, geopolitical and macro headwinds from the war in Iran are likely to impact also Enterprise customer confidence as we have seen when Russia attacked Ukraine or during the 2025 'trade war,'" the research firm said.

^DAX$CBK.F$SAP.F
Asia Markets

Germany's DAX Index Ends Week Higher; Deutsche Börse Gains

German equities finished the week on an upbeat note, with the blue-chip DAX index 2.27% higher at Friday's close, as markets digested signals of potential diplomatic progress in the Middle East.Geopolitical tensions showed signs of cooling as a 10-day ceasefire between Lebanon and Israel took hold Thursday. Investors also responded positively to US President Donald Trump saying they are "very close" to reaching an agreement with Iran, adding that talks may resume over the weekend.On this side of the Atlantic, the euro area recorded a trade surplus of 11.5 billion euros in February, following a revised trade deficit of 1 billion euros a month ago. Eurostat reported that exports of goods to the rest of the world declined by 6.7% year-over-year to 232.4 billion euros, while imports saw a 2.2% reduction, settling at 220.9 billion euros.On the corporate side, Deutsche Börse (DB1.F) added 0.62%, as BofA Global Research upgraded its rating and price objective, citing the German exchange operator's solid market positioning amid current uncertainties."We upgrade Deutsche Borse (DB1) to Buy from Neutral with a new [price objective] of EUR300 (ADR $35.39) as we think it is best positioned among European exchanges in the current environment for greater volumes and NII on higher rates and cash balances. Q126 volumes are up double-digit % YoY in cash equities, fixed income derivatives and particularly commodities given energy disruption caused by the Middle East conflict, which has potential to persist. Accordingly, we raise cash EPS 6-7% and are 2-6% above Visible Alpha consensus. Our 2026 and 2028 forecasts now assume DB1's targets are met despite IMS headwinds. We see further EPS upside from the Allfunds (ALLFG) deal if approved (not in our estimates)," the research firm wrote.Meanwhile, German technology group Siemens (SIE.F) plans to seek investor approval for the spinoff of medical technology company Siemens Healthineers (SHL.F) at its annual general meeting in February 2027. As part of the deconsolidation strategy, Siemens Healthineers shares will be distributed directly to existing Siemens shareholders. Siemens gained 3.36%, while Siemens Healthineers was up 1.46% at closing."The slower pace of the SHL spin-off will be disappointing to some investors, though was always a risk given the tight EGM timeframe. We note the longer-term business simplification story is clearly unchanged (and we would expect continued incremental SHL sell-downs on the market over time, in line with prior company comments)," analysts at RBC Capital Markets said in a quick-take note.

^DAX$DB1.F$SHL.F$SIE.F
Asia Markets

German DAX Extends Gains Amid Growing Hopes to End of Iran War

Germany's blue-chip DAX index ended Thursday's session 0.36% higher, buoyed by increasing optimism over a potential end to the war in Iran.Reuters reported, citing an unnamed source, that a key Pakistani mediator achieved a breakthrough on "sticky issues" between the US and Iran, while noting Iranian officials cautioned that the future of the nation's nuclear program remains unresolved. Pakistan's army chief, Field Marshal Asim Munir, is in Tehran seeking to extend the Iran ceasefire after weekend talks in Islamabad failed to yield a deal. And while both sides remain open to further negotiations, a timeline has not yet been established, the news outlet added.On the economic front, inflation in the eurozone accelerated in March. According to final data from Eurostat, the euro area's annual inflation rate rose to 2.6% from 1.9% in February, above the flash estimate of 2.5%. Meanwhile, the core rate, which excludes energy, food, alcohol and tobacco, came in at 2.3%, consistent with the preliminary reading and down from the previous 2.4%.For the month, services were cited as the highest contributor, followed by energy, food, alcohol and tobacco, and then non-energy industrial goods.Against this backdrop, BofA Global Research noted that euro area inflation and economic growth are more sensitive to oil price movements than the US. "Using a VAR approach, we show that the Euro area economy has a much larger sensitivity to oil prices than the US for both inflation and growth. We find the inflationary impact of a 10% oil shock to reach about 40 [basis points], with the corresponding growth impact of over 10bp. Both effects are about twice as large as for the US. We think the larger share of energy in Europe's consumption basket, as well as the region being an oil importer, explain the results. Our findings suggest that Europe will take a larger hit from the energy shock compared to the US," the research firm wrote.In corporate news, Bayer (BAYN.F) was down 0.12%, as Deutsche Bank Research lifted the hold-rated stock's price target to 43 euros from 23 euros ahead of the German life science company's first-quarter results due on May 12."We forecast Q1 [organic sales growth] to increase by 3.6% YoY, driven by Crop Science, boosted by a EUR450m licensing income, offsetting a flattish performance in Pharma and modest growth in Consumer Health. ... Bayer's direct exposure to the ME is very limited, and its end markets are relatively resilient. While we anticipate growing energy & input cost headwinds for crop protection, this is relatively small as a % of group and energy is well hedged," Deutsche Bank said.Meanwhile, the German cartel office authorized defense company Rheinmetall's (RHM.F) subsidiary, Rheinmetall Digital, and space technology group OHB (OHB.F) to form a joint venture focused on pursuing a future procurement contract for the German armed forces. Rheinmetall fell 1.20%, while OHB gained 3.97%.

^DAX$BAYN.F$OHB.F$RHM.F
Asia Markets

German DAX Rises; Euro Area Industrial Production Ticks Up

Germany's blue-chip DAX index was little changed on Wednesday, ending the session 0.18% in the green, as investors weighed continued conflict in the Middle East against a busy corporate earnings season and fresh euro area industrial output data.According to Eurostat, the eurozone recorded 0.4% monthly increase in industrial production in February, compared with a revised 0.8% dip previously and an expected 0.3% gain. The upbeat reading reflects increased production for intermediate goods, capital goods and non-durable consumer goods. On a yearly basis, the eurozone's industrial production dipped 0.6%, in line with the revised 0.6% decrease earlier and against the expected 1% drop."Eurozone industry has been very resilient throughout 2025 despite significant trade turmoil. But the start of 2026 has not been encouraging. As front-loading by American businesses has eased, production levels have dropped again. And while manufacturers have become more optimistic on infrastructure and defence investment promises, the Middle East war has dashed hopes of a broad-based rebound. Energy-intensive industries, in particular, are set to suffer from higher prices," ING said, noting the February 2026 data leaves production levels below most of the 2025 figures.Zooming in, German business uncertainty hit its highest level since February 2024, as the ifo Institute reported that 78.6% of surveyed companies said it was "difficult or fairly difficult" to forecast future development amid the ongoing Iran war. Ifo said the level of uncertainty was "particularly pronounced" in manufacturing, with 87.7% of companies affected as persistent structural headwinds continue to weigh on the sector.In corporate news, Deutsche Bank Research expects BMW Group (BMW.F) to maintain its outlook in its first-quarter earnings report due May 6, as the "weak start" into 2026 was already priced in by the market."Group volumes in Q1 declined by 3.5% y/y, primarily driven by a double-digit decline in China and a mid-single-digit decrease in the US, while Europe saw a 3% increase. Regarding the model mix, the X3 demonstrated solid momentum, whereas almost all other models reported lower volumes. We understand that the new iX3 is also boosting order intake, which is up by double digits in Europe and extends well into the second half of the year. In terms of profitability, we anticipate headwinds from volumes, FX, raw materials, tariffs, lower R&D capitalization, and depreciation, which will be partially offset by efficiency gains. That said, Auto EBIT margin should come in within the FY range of 4-6% with some support provided by the usual cost seasonality of BMW. For cash generation, we expect working capital build-up to be a headwind, but it should still result in a solid figure," the research firm wrote in an earnings preview note. BMW was down 0.32% at closing.Meanwhile, Evotec (EVT.F) named Ingrid Müller as chief operating officer, effective May 1. Müller joins the German life sciences company from CureVac, a German mRNA-based vaccine developer acquired by its peer BioNTech in 2025. Evotec rose 2.88% on Xetra.

^DAX$BMW.F$EVT.F
Asia Markets

Germany's DAX Index Gains on Hopes of Renewed US-Iran Peace Talks

Germany shares recovered from earlier losses on Tuesday, with the blue-chip DAX index up 1.27% at closing, amid reports that the US and Iran may return to the negotiating table.US and Iranian negotiators may head back to Pakistan by the end of the week to resume peace talks, Reuters reported, citing sources. The potential for a second round follows a failed weekend summit, which led to Washington's subsequent decision to enforce a naval blockade on Iranian ports."We've lowered our world GDP growth forecast by 0.4 [percentage points] since the start of March to 2.4% because we expect a more prolonged disruption to shipping activity through the Strait of Hormuz. The fragile ceasefire seemingly reduces the risk of a far worse outcome. But even if a truce is maintained, it will take time for energy production and shipping traffic to return to normal levels," Oxford Economics said.Back at home, the International Monetary Fund trimmed its economic growth projections for Germany for 2026 and 2027, due to the ongoing Middle East conflict. In its April World Economic Outlook, the IMF said it now expects Germany's gross domestic product to increase 0.8% and 1.2% in 2026 and 2027, respectively, both figures down by 0.3 percentage point from the previous expectations."War in the Middle East has halted [global growth] momentum. The closing of the Strait of Hormuz and serious damage to critical facilities in a region central to global hydrocarbon supply raise the prospect of a major energy crisis should hostilities continue," the IMF said.Meanwhile, Germany's selling prices in wholesale trade were up 4.1% year over year in March, following a 1.2% jump a month ago. Destatis attributed the reading to the conflict in the Middle East, which pushed wholesale prices of energy products and raw materials higher.In corporate news, Deutsche Börse (DB1.F) committed $200 million for a 1.5% stake in Payward, the parent company of US-based cryptocurrency exchange Kraken. The capital injection reinforces an ongoing strategic partnership, further integrating both firms' infrastructure across trading, custody, settlement, and tokenized assets. The German stock exchange operator was off 0.39% at the end of the trading day.In an earnings preview, Deutsche Bank forecasts a "solid start" for Mercedes-Benz's (MBG.F) vans segment, while the cars unit is projected to "likely reach" the lower half of its full-year guidance during the first quarter. The German automotive group is due to release its first-quarter results on April 29. The stock closed 1.94% higher.

^DAX$DB1.F$MBG.F
Asia Markets

German Stocks Down as US Moves to Block Iranian Ports

German equities kicked off a new trading week on a downbeat note, closing Monday's session 0.26% lower, as the US moved to seal the Strait of Hormuz after weekend peace talks ended without a deal."Markets have seen a clear risk-off move this morning after no deal was reached in the US-Iran talks over the weekend, with the US set to blockade the Strait of Hormuz for vessels entering or departing Iranian ports. So, despite last week's optimism when the two-week ceasefire was announced, the mood has shifted negatively once again, with Brent crude oil prices up +7.39% this morning to $102.24/bbl. And in turn, that's revived fears about a stagflationary shock, with equities and bonds losing ground around the world," Deutsche Bank Research said.With the Strait of Hormuz closure fueling a surge in energy costs, Bloomberg News reported that the European Commission is set to recommend reduced power grid fees and energy taxes, aiming to accelerate clean technology adoption while shielding the bloc's economy from volatile oil and gas prices. Citing people with knowledge of the matter, the news outlet said a formal policy paper outlining the relief measures is expected to be adopted by the European Union's executive arm on April 22.In economic news, investors are on the lookout for Tuesday's German wholesale price data and Thursday's final eurozone inflation reading for March. Market attention is also expected to shift to the ongoing International Monetary Fund and World Bank Spring meetings, with Tuesday's release of the IMF's World Economic Outlook anticipated to be a key focus.On the corporate side, Rheinmetall (RHM.F) and Norwegian defense technology company Destinus agreed to form a joint venture, Rheinmetall Destinus Strike Systems, focused on advanced missile production. The Unterlüß, Germany-based entity is expected to launch in the second half, pending regulatory approval, with the German defense supplier holding a 51% majority stake. Rheinmetall shares added 2.45% and the stock was the DAX's top gainer.Meanwhile, Deutsche Bank Research cut its price target for MTU Aero Engines' (MTX.F) buy-rated stock ahead of the company's first-quarter results due on April 30."We expect no impact from the Middle East conflict on Q1 activity, but some increased focus on MTU's sensitivity to potential engine retirements and its impact on midterm guidance. We lower our Price Target (PT) from EUR449 to EUR428 on more conservative cash conversion rates assumptions, moving 2030 levels down from 89% to 76%," the research firm said in a preview note. The German aircraft engine manufacturer was down 0.89% at closing.

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

DAX Index Little Changed; German Inflation at Two-year High in March

The blue-chip DAX index finished Friday's session flat at 0.01% in the red, as market watchers focused on the upcoming negotiations between the US and Iran.Hopes for a regional cooling-off period and the reopening of the Strait of Hormuz rose after Israel signaled a desire for talks with Lebanon. Tehran has highlighted Israel's ongoing military operations in Lebanon as a major hurdle in its broader ceasefire deal with Washington. The US and Iran are scheduled to hold closely watched negotiations in Pakistan on Saturday.In local economic news, Destatis confirmed in its final data that Germany's annual inflation rate accelerated to 2.7% in March 2026 from 1.9% previously, marking its highest level since January 2024. The core rate, which excludes food and energy prices, was unchanged at 2.5%."The significant increase in the prices of energy products is driving up inflation. In particular, motor fuel and heating oil prices have risen sharply for consumers since the start of the Iran war," Federal Statistical Office President Ruth Brand said.The conflict in the Middle East also impacted Germany's travel industry, according to the ifo Institute's latest business survey. The ifo business climate index for travel agencies and tour operators plunged to -41.7 points from -14.8 points, reflecting sharper pessimism regarding current conditions and future expectations.Additionally, ifo noted that more travel agencies and tour operators are projecting higher costs for travel services in the coming months amid rising fuel costs. "An increase in the inflation rate is likely to strain the travel budgets of many vacationers as the year goes on," industry expert Patrick Höppner said.On the corporate front, Nordex (NDX1.F) secured an order for 13 of its N175/6.X turbines for an undisclosed wind farm project in Spain. The deal includes an initial capacity of 80 megawatts, with an option to expand the total capacity to 120 megawatts. The German wind turbine manufacturer fell 0.39% on Xetra by the end of the trading day.Meanwhile, tech stocks Siemens (SIE.F) and Infineon Technologies (IFX.F) were among the DAX's best performers, gaining by 1.32% and 1.03%, respectively, on the back of a better-than-expected first-quarter revenue for Taiwanese chipmaker TSMC amid increasing artificial intelligence-related demand.

^DAX$IFX.F$NDX1.F$SIE.F
Asia Markets

German Blue-chip DAX Index Retreats Amid Middle East Truce Uncertainty

Germany's blue-chip DAX index reversed its earlier gains, closing 1.14% lower on Thursday, amid concerns of a breakdown in the US-Iran ceasefire negotiations.Shipping remains paralyzed in the Strait of Hormuz as persistent Israeli operations in Lebanon strain regional stability. In response, Tehran threatened to abandon its fledgling ceasefire agreement with Washington, as US President Donald Trump countered with warnings of a renewed military escalation should a comprehensive deal fail to materialize.Back at home, Destatis reported that German industrial production in February was down 0.3% on a monthly basis, against the revised zero growth in January and the market's expected 0.9% uptick. Year over year, industrial output was stable, following a revised 0.9% fall earlier."This morning's macro data is the last release to paint a picture of the German economy before the war in the Middle East began. It's a picture of a very reluctant, hesitant consumer, but of a manufacturing sector that is struggling to gain positive momentum. The only piece of evidence currently keeping our ketchup bottle comparison alive was yesterday's industrial orders data, confirming that order books in the [defense] industry continue to fill. At least some support for our long-held view that the fiscal stimulus will increasingly reach the real economy," ING said.Meanwhile, Germany's calendar and seasonally adjusted trade surplus came in at 19.8 billion euros in February, below the revised 20.3 billion euros a month ago and the expected 18.1 billion euros. According to the Federal Statistical Office, exports ticked up 3.6% month over month, against the revised 1.5% drop earlier and the expected 1% gain. Monthly imports rose 4.7%, compared with the revised 5.1% decrease previously and the market forecast of 4% jump.In corporate news, Mercedes-Benz Group (MBG.F) was down 2.02%, after reporting a 6% year-over-year decline in first-quarter deliveries to 499,700 vehicles. The German automaker said the results were consistent with company expectations.RBC Capital Markets reduced its adjusted EPS estimates and price target for sector perform-rated Henkel (HEN.F) to 73 euros from 75 euros amid concerns that execution risks may cap the revenue benefits of recent brand acquisitions."The acquisitions of Not Your Mother's and OLAPLEX should fill in gaps in Henkel's current Hair portfolio and place the company as a more serious contender in the Consumer Hair space. If executed well, integrating these brands could add 50 [basis points] of revenue growth to its hair business over the medium term. However, with management having a lot on their plate and commodity cost inflation concurrently stepping up, we can't overlook execution risks and remain on the sidelines," RBC wrote. The German chemical and consumer goods company gained 0.27% at closing.

^DAX$HEN.F$MBG.F

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