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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

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%.

^DAX$SHL.F$SIE.F
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."

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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.

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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.

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Asia Markets

DAX Index Climbs; German Producer Prices Up

Germany's blue-chip DAX closed 1.38% higher on Wednesday, as investors assessed fresh economic data alongside the latest updates on the European Union-US trade front.Destatis reported that producer prices rose 1.7% year over year in April 2026, compared with a 0.2% decrease earlier and the market forecast of a 1.5% rise. The reading marks the highest increase since May 2023. The German Federal Statistical Office attributed the growth to higher energy prices, intermediate goods, and capital and durable goods."Today's producer price inflation confirms that a first inflation wave is in full swing. An inflation wave that remains mainly limited to energy prices but is gradually broadening. It won't be long before higher energy prices lead to knock-on effects on transportation and food costs. Needless to say, the longer the war in the Middle East and the blockade of the Strait of Hormuz last, the higher the likelihood that the initial energy price shock will not only have knock-on effects but could also be accompanied by additional supply chain frictions and, in turn, a self-enhancing inflationary spiral," ING wrote.Markets also tracked the US-Iran conflict after Tehran warned of broader retaliation if the US resumes strikes, while continued disruptions in Hormuz kept oil prices volatile.Meanwhile, in a bid to avoid higher US tariffs, the European Council and Parliament reached a preliminary agreement on regulations to scrap remaining duties on US industrial imports and grant preferential market access to select goods. The legislation is intended to fulfill the EU's obligations under the July 2025 trade pact.The VDMA industry association, representing the European machinery and equipment manufacturing sector, said the EU should continue negotiations aimed at securing the same 15% tariff ceiling for remaining steel and aluminum derivative products, adding that planning certainty was crucial for manufacturers.In corporate news, Infineon Technologies (IFX.F) was the top gainer on the index, climbing 5.11%, after it launched Moore4Power, an EU-backed semiconductor research and development project focused on smart power electronics, with 62 partners across 15 European countries.Siemens Energy (ENR.F) gained 3.95% after announcing the early extension of its supply agreement with Austria-based energy infrastructure company Asta Group. Asta will continue supplying specialized copper and custom conductor components to all of the German energy technology company's European transformer plants through 2032.

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Asia Markets

DAX Index Up; Uniper Surges on Possible German Stake Cut

German shares gained on Tuesday, with the blue-chip DAX index up 0.38% at closing, while Uniper (UN0.F) rose on reports that the German government plans to reduce its ownership.Germany is looking to cut its 99.12% interest in the bailed-out energy company through a possible sale or public listing. The government published a legal notice in the Financial Times print edition on Tuesday, inviting interested buyers to submit letters of intent by June 12. Uniper gained 11.86% on Xetra.In an emailed statement to, Uniper Chief Executive Officer Michael Lewis said the company welcomed the finance ministry's announcement, adding that the German government will decide on the timing and form of the company's reprivatization.In other corporate updates, German stock exchange operator Deutsche Börse (DB1.F) climbed 0.59%, as BofA Global Research raised its price objective and earnings forecasts, noting core structural tailwinds are "intact" even as volume trends normalize."We reiterate our Buy rating with a [price objective] of EUR305/US$$35.47 (from EUR300/US$ $35.39) as we lift 2026-27E EPS 1% for the Q126 beat... plus higher [treasury result] where our economists no longer expect Fed rate cuts until H227. Overall, our 2026 total revenue and EBITDA estimates are in-line with company guidance, but slightly below ex-TR given pressure in ESG & Index which was flat YoY in Q126," BofA wrote.On the trade front, Bloomberg News reported that European Union officials are meeting within the day to finalize the legislative details of the US trade pact. The discussions follow a recent threat from President Donald Trump to raise auto import tariffs to 25% from 15% if the agreement is not implemented by July 4.Speaking of trade, the euro area recorded a trade surplus of 7.8 billion euros in March, following a revised trade surplus of 11.1 billion euros a month ago. Eurostat reported that exports of goods to the rest of the world declined by 5.5% year-over-year to 265.3 billion euros, while imports rose 4.4% to 257.4 billion euros.

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Asia Markets

German DAX Index Blinks Green; Commerzbank Down After Rejecting Takeover Offer

German equities rose on Monday, with the blue-chip DAX index closing 1.49% higher, as investors assessed the possibilities of renewed escalation in the Middle East alongside Commerzbank's (CBK.F) formal rejection of UniCredit's takeover bid.On Sunday, US President Donald Trump urged Iran to fast-track a peace deal in a post on his social media platform Truth Social. Axios reported, citing two unnamed US officials, that Trump is planning to meet his top national security team on Tuesday to discuss potential military options.Sentiment was further dampened by reports of a drone-induced fire at a nuclear site in the United Arab Emirates on Sunday and the interception of three drones by Saudi Arabian forces."For markets, the ongoing closure of the Strait of Hormuz and the prospect of a fresh escalation [have] pushed oil prices higher this morning. Brent crude is up +1.77% to a two-week high of $111.19 [per barrel]. And it's clear that investors are pricing in a more protracted conflict, as the 6-month Brent future is also up to $92.14/bbl this morning, which would be its highest closing level since the conflict began," Deutsche Bank Research wrote.On the economic front, key updates coming later in the week include Germany's April producer price index data due on Wednesday, euro area preliminary S&P Global PMIs for May coming on Thursday, and Friday's GfK consumer confidence and ifo business climate survey results for the eurozone's largest economy.In corporate news, Commerzbank (CBK.F) urged shareholders to reject Italian lender UniCredit's unsolicited exchange offer. It added that the implied value of the bid, offering 0.485 UniCredit shares per Commerzbank share, remains uncertain, with settlement not expected until 2027 and dependent on UniCredit's share performance. The German bank lost 1.48% at the end of the session.Meanwhile, BofA Global said it is "more bullish" on Siemens Energy (ENR.F) following the publication of the company's fiscal second-quarter performance."We view last week's results as incrementally bullish, vs mixed investor feedback, reinforcing ENR as one of our top picks: (1) ENR's slot strategy implies mgmt are more bullish on Gas [original equipment] demand, (2) this is supported by datapoints incl. new backlog guidance, (3) extra EUR1bn buyback confirms proactive capital allocation. Stepping back, we think caution based on a possible 'peak' in Gas OE GW orders ignores backlog duration is still rising, and group orders will keep growing. Our EUR250 PO implies >45% upside potential. Maintain Buy," the research firm wrote. The German energy technology company was up 0.21%.

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Asia Markets

Correction: German Closer

(Corrects throughout to remove reference to story published in error)

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Asia Markets

German Closer

German DAX Index Blinks [Red/Green]; Commerzbank [Up/Down] After Rejecting Takeover OfferGerman equities [fell/rose] on Monday, with the blue-chip DAX index closing XX% [higher/lower], as investors assessed the possibilities of renewed escalation in the Middle East alongside Commerzbank's (CBK.F) formal rejection of UniCredit's takeover bid.On Sunday, US President Donald Trump urged Iran to fast-track a peace deal in a post on his social media platform Truth Social. Axios reported, citing two unnamed US officials, that Trump is planning to meet his top national security team on Tuesday to discuss potential military options.Sentiment was further dampened by reports of a drone-induced fire at a nuclear site in the United Arab Emirates on Sunday and the interception of three drones by Saudi Arabian forces."For markets, the ongoing closure of the Strait of Hormuz and the prospect of a fresh escalation [have] pushed oil prices higher this morning. Brent crude is up +1.77% to a two-week high of $111.19 [per barrel]. And it's clear that investors are pricing in a more protracted conflict, as the 6-month Brent future is also up to $92.14/bbl this morning, which would be its highest closing level since the conflict began," Deutsche Bank Research wrote.On the economic front, key updates coming later in the week include Germany's April producer price index data due on Wednesday, euro area preliminary S&P Global PMIs for May coming on Thursday, and Friday's Gfk consumer confidence and ifo business climate survey results for the eurozone's largest economy.In corporate news, Commerzbank (CBK.F) urged shareholders to reject Italian lender UniCredit's unsolicited exchange offer. It added that the implied value of the bid, offering 0.485 UniCredit shares per Commerzbank share, remains uncertain, with settlement not expected until 2027 and dependent on UniCredit's share performance. The German bank [gained/lost] XX% at the end of the session.Meanwhile, BofA Global said it is "more bullish" on Siemens Energy (ENR.F) following the publication of the company's fiscal second-quarter performance."We view last week's results as incrementally bullish, vs mixed investor feedback, reinforcing ENR as one of our top picks: (1) ENR's slot strategy implies mgmt are more bullish on Gas [original equipment] demand, (2) this is supported by datapoints incl. new backlog guidance, (3) extra EUR1bn buyback confirms proactive capital allocation. Stepping back, we think caution based on a possible 'peak' in Gas OE GW orders ignores backlog duration is still rising, and group orders will keep growing. Our EUR250 PO implies >45% upside potential. Maintain Buy," the research firm wrote. The German energy technology company [climbed/shed] XX%.

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Asia Markets

Germany's DAX Index Retreats Amid Reignited US-Iran Conflict Fears

German shares ended the trading week in the red, as the markets monitored geopolitical tensions in the Middle East and trade negotiations between the US and China.At Friday's closing, the blue-chip DAX index lost 2.07%.In a Thursday interview with Fox News, Trump said he is "not going to be ​much more patient" with Iran, urging the country to make a deal with Washington. Ongoing tensions in the Middle East and shipping disruptions in the Strait of Hormuz continued to support oil prices, adding to inflation and growth concerns. According to Deutsche Bank Research, Brent crude oil prices climbed another 1.21% overnight to $107.00 per barrel.Rystad Energy also warned about tightening jet fuel supplies in Europe as the Strait of Hormuz remains closed."Europe is not facing a tight market. It is facing a structural supply hole," Susan Bell, Rystad Energy's senior vice president of commodities - oil said. "Record US Gulf Coast exports of 110,000 [barrels per day] into Europe and a handful of Dangote cargoes are welcome, but they cover less than half the deficit."Back at home, the ifo Institute reported that business sentiment in Germany's residential construction sector deteriorated, as the industry navigates supply chain issues and rising capital costs fueled by geopolitical uncertainty. The business climate index plunged to -28.4 points in April 2026 from -19.3 points a month ago, marking its sharpest drop since April 2022.On the corporate front, Renk Group (R3NK.F) was down 2.68%, as Berenberg adjusted its price target and forecasts for the military and civilian propulsion systems company to incorporate anticipated drops in German vehicle orders."RENK's medium-term outlook is underpinned by a EUR16.5bn order pipeline. Germany accounts for less than one-fifth of the total, on our estimates, offering an attractive level of diversification. We err on the side of caution and lower our German vehicle order intake assumptions, and this results in minor cuts to our EPS estimates," Berenberg wrote. "We lower our price target to EUR72 (from EUR76) to reflect our lower estimates and lower peer multiples."Meanwhile, RWE (RWE.F) and Abu Dhabi Future Energy Co., d/b/a Masdar, secured approval from the UK Department for Energy Security and Net Zero to develop the Dogger Bank South West and Dogger Bank South East offshore wind farms off the northeast coast of England. The projects have a combined installed capacity of 3 gigawatts. The German energy group ended the session 2.30% lower.

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Asia Markets

German Shares Jump; Siemens Rises on Mermec Asset Acquisition

German equities rose on Thursday, as investor attention remained focused on the ongoing two-day summit between US President Donald Trump and Chinese President Xi Jinping.Amid a quiet day for local economic news, the blue-chip DAX index ended the trading day 1.32% in the green.Trump and Xi are expected to discuss trade, technology, Iran, and Taiwan, with investors monitoring potential deals on tariffs and artificial intelligence. Semiconductor stocks rallied globally after Reuters reported, citing sources familiar with the matter, that the US cleared Nvidia (NVD.F) to sell its H200 AI chips to 10 Chinese tech companies, including Alibaba, ByteDance, and JD.com.Against this backdrop, German semiconductor manufacturer Infineon Technologies (IFX.F) became the blue-chip index's best performer, climbing 5.76%, while Nvidia's Frankfurt-listed shares gained 4.43%.In other corporate updates, Siemens' (SIE.F) mobility division agreed to buy several core units of Italian railway signaling systems company Mermec Group to bolster its international rail technology portfolio. The acquisition specifically involves Mermec's businesses in Italian wayside signaling, electrification, telecommunication, diagnostics, analytics, and worldwide data infrastructure. The German technology conglomerate gained 2.59% at close.Meanwhile, RBC Capital Markets said Allianz (ALV.F) continues to deliver at a "high level" after the German insurer and asset manager reported that its first-quarter operating profit climbed 6.6% to a record level of 4.52 billion euros and affirmed it remains on track to hit its full-year 2026 operating profit target of 17.4 billion euros, plus or minus 1 billion euros. The stock climbed 2.15%."Allianz's scale and diversification again paid dividends in Q1, with [property and casualty and asset management] in particular well positioned in the current macro environment. Modestly higher inflation expectations seem a net positive for the company. We are now towards the upper-end of FY26 operating profit guidance, with low double-digit implied upside to our unchanged [target price of 400 euros], a premium multiple to composite peers," the research firm wrote, with a sector perform rating.

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Asia Markets

Germany's DAX Index Closes Busy Earnings Day in Green

German shares ended an earnings-heavy session in positive territory, with the blue-chip DAX index up 0.76% on Wednesday.Merck KGaA (MRK.F) was among the index's top performers, rising 7.21%, after lifting its full-year 2026 guidance, driven by expected growth in its life science and healthcare businesses despite challenging market conditions. The German science and technology company expects 2026 net sales of 20.4 billion euros to 21.4 billion euros, compared with its previous forecast of 20 billion euros to 21.1 billion euros.Meanwhile, Siemens' (SIE.F) fiscal second-quarter sales held steady at 19.76 billion euros, 1.9% behind the consensus estimate of 20.14 billion euros and 1.4% below RBC Capital Markets' forecast of 20.03 billion euros. On the flip side, the German technology group's reported orders climbed 11% to 24.11 billion euros on increased demand in most of its industrial businesses, particularly smart infrastructure."Overall, a supportive progression in [Digital Industries / Smart Infrastructure] (but consensus already positioned in the upper end of guidance here), but slightly disappointing that this is offset at the group level by Mobility and Healthineers (SHL.F). While Siemens is making corporate progress with the reduction in its stake in Healthineers, the slow timeline on the spin, and uncertainty around factors such as the macro demand backdrop and AI software risks, may still limit investor enthusiasm in the short term," the research firm wrote in a quick-take note. Siemens was up 0.83% at the end of the trading day, while Siemens Healthineers gained 0.09%.In economic news, the eurozone's gross domestic product ticked up 0.1% for the first quarter, after a 0.2% rise in the previous three-month period and consistent with the initial estimate. According to Eurostat's second estimate, the eurozone registered 0.8% economic growth on a yearly basis, consistent with the initial data and against the previous 1.3% growth, which factored in recently joined Bulgaria, and the 1.2% jump excluding that country.Back at home, Germany's selling prices in wholesale trade were up 6.3% year over year in April, following a 4.1% jump in March. On a monthly basis, wholesale prices were 2% higher, against the previous 2.7% gain.On the geopolitical front, Danske Bank said it does not anticipate "major breakthroughs" from the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping. "Trump does not have the incentives nor the means to ramp up the pressure on China with focus remaining on the war in Iran and earlier court ruling still constraining his tariff weapon," the research firm wrote in a preview report.

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Asia Markets

DAX Index Blinks Red as German Inflation Accelerates

German equities were downbeat on Tuesday, with the blue-chip DAX index ending the trading session 1.62% in the red, as the market assessed fresh inflation data and the economic sentiment survey from the eurozone's biggest economy against the tenuous Iran war ceasefire.Final data from Destatis confirmed that the annual inflation rate in Germany climbed to 2.9% in April from 2.7% in March. The annual core inflation rate, which excludes food and energy prices, eased to 2.3% from 2.5%."Overall inflation increased for the second consecutive month as a result of another rise in energy prices that was due to the Iran war. Consumers are particularly feeling the persistent price pressure regarding motor fuels," Federal Statistical Office President Ruth Brand said.Meanwhile, the ZEW economic sentiment indicator for Germany rose to -10.2 points in May from April's -17.2 points, beating the consensus forecast of -19.2 points. However, the current situation index fell by 4.1 points to -77.8 points, against the expected -77.5 points. ZEW President Achim Wambach said there is "cautious hope" for a possible recovery in the latter half of 2026, contingent on a de-escalation in the Middle East and a positive impact from the government's economic stimulus efforts.On the geopolitical front, US President Donald Trump described the ceasefire with Iran as "on life support" after rejecting Tehran's counteroffer. Against this backdrop, Danske Bank said Brent crude remained on an upward trajectory, trading at around $105 per barrel on Tuesday morning.Amid a busy session for corporate earnings and trading updates, Bayer (BAYN.F) was the top blue-chip stock, gaining 3.67%, after reiterating its full-year 2026 currency-adjusted outlook following a strong first quarter, during which net income more than doubled to 2.76 billion euros from 1.30 billion euros a year earlier.Meanwhile, Munich Re (MUV2.F) shed 6.09%, dropping to the bottom of the DAX index, as investors focused on the reinsurer's planned volume reductions during the April renewals amid softer pricing, overshadowing its solid first-quarter results."Munich Re is doubtless showing discipline on price to preserve margins and current returns are strong but consensus FY top-line expectations on first view look too high. Key questions are whether EUR64bn FY Reinsurance revenue target, unchanged today, is achievable vs EUR60bn Q1 run-rate, with consensus already below at EUR62.4bn, and the degree to which [property-casualty reinsurance and global specialty insurance] margins can be maintained into 2027 and beyond," RBC Capital Markets wrote in a quick-take note.

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