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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

German DAX Closes Flat Amid Stalled US-Iran Peace Talks

German shares were little changed, with the blue-chip index gaining 0.05% at Monday's close, as peace negotiations between the US and Iran remain in limbo.The diplomatic impasse deepened Sunday as Iran's latest offer, which included war reparations, the end of the US naval blockade, and recognition of the country's sovereignty over the Strait of Hormuz, was summarily dismissed by US President Donald Trump as "totally unacceptable" in a post on his social media platform Truth Social. Danske Bank noted that oil prices saw a 6% gain over May 8's close, with Brent trading around $106 per barrel by Monday morning.For the week ahead, key European economic releases include Germany's final April inflation and May ZEW survey on Tuesday, alongside first-quarter gross domestic product and industrial production figures for the broader eurozone on Wednesday. The market is also expected to focus on the meeting between Trump and Chinese President Xi Jinping scheduled for Thursday and Friday.On the corporate side, E.ON (EOAN.F) climbed 1.87% after agreeing to purchase British energy supplier Ovo. The acquisition is expected to bring 4 million customers to the German utility company and bolster its digital energy business.Meanwhile, Hannover Re (HNR1.F) slipped 2.62% at the end of the trading day, as the German reinsurer's first-quarter net income of 710.6 million euros missed the consensus estimate of 721 million euros, overshadowing the 47.9% surge in annual earnings."Q1 net income was a 1% miss, with [property and casualty] top-line a big miss and [life and health] top-line a beat... Negatives were L&H EBIT at EUR204m (20% miss vs cons EUR254m), driven by lower investment income and a negative currency result, and P&C revenue at EUR4,480m (13% below cons) due to [foreign exchange and structured reinsurance] volume declines, with Q1 new business [contractual service margin] -27% y/y," RBC Capital Markets said in a quick-take report. "While the stock has been weak into results, and the shares trade on a recent PE low, we would expect a muted first reaction, although the key message of resiliency is likely to resonate with existing shareholders."

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Asia Markets

Germany's DAX Index Sheds Amid Escalating Middle East Conflict, Fresh Tariff Threats

German equities finished the trading week on a downbeat note, with the blue-chip DAX index 1.32% in the red at Friday's close, amid news of reignited military clashes between the US and Iran and renewed trade threats.Even as the US administration insists the ceasefire holds, geopolitical tensions flared overnight with the two sides exchanging fire in the Strait of Hormuz. As US President Donald Trump warned of a return to conflict due to the lack of progress on a deal, Danske Bank anticipates Iran's official response to Washington's latest proposal, which is expected "shortly," to be a key focus for the market.Concurrently, Trump set a July 4 deadline for the full implementation of the previous year's trade accord with the European Union after speaking with European Commission President Ursula von der Leyen, warning of "much higher" tariffs if the bloc does not remove duties on US industrial exports. While the European Commission said talks made "good progress," Reuters cited trade committee chair Bernd Lange as saying disagreements over safeguards among some EU states remain unresolved.Speaking of trade news, the Federal Statistical Office reported that Germany's calendar and seasonally adjusted trade surplus stood at 14.3 billion euros in March, below the revised 19.6 billion euros a month ago and the market forecast of 17.8 billion euros.Exports edged up 0.5% month over month, against the revised 3.6% jump earlier and the expected 1.7% fall. Monthly imports climbed 5.1%, compared with the revised 4.9% growth previously and the consensus estimate of a 0.8% rise.On the corporate front, Commerzbank (CBK.F) lost 3.98% amid plans to cut 3,000 roles to help its new profit targets through 2030 and ward off a takeover bid by Italy's UniCredit. After reporting robust first-quarter 2026 results, the German lender raised its 2028 revenue guidance to 15 billion euros from 14.2 billion euros, and set a new 2030 target of 16.8 billion euros, representing a 6% compound annual growth rate.Meanwhile, Deutsche Bank Research increased its price target for Siemens (SIE.F), saying it still expects an EPS guidance upgrade "on the horizon.""In this note, we discuss the results from Healthineers [SHL.F] and the read-across from Siemens' peers in the automation and electrification domains. We now expect Digital Industries to beat on all metrics this quarter and anticipate management will upgrade the organic growth guidance for Smart Infrastructure by 2 [points] to a new range of 8-11%, supported by accelerating datacenter demand. Overall, even though SHL lowered its FY26 EPS guide by 2%, we expect Siemens to upgrade its own EPS guidance by 3% to a new range of EUR11.0-11.5, with the Street already sitting at EUR11.3. We are raising our [price target] to EUR255 (vs EUR245 previously) but retain a Hold rating," the research firm wrote.The German technology group ended the session 1.25% lower, while Siemens Healthineers was down 5.53%.

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Asia Markets

Correction: German Blue-chip DAX Down; Henkel Gains on Q1 Beat

(Corrects stock movement in the headline)German equities retreated on Thursday, as the market assessed developments related to a potential US-Iran peace deal alongside a fresh batch of corporate earnings and trading updates.At closing, the blue-chip DAX was 1.02% in the red.Reuters reported that Washington and Tehran are moving toward a temporary arrangement to halt the current conflict, with sources indicating the proposed framework provides a path to end the fighting but leaves core points of contention for future negotiation. However, research firm Rystad Energy cautioned that a deal's impact on the physical oil markets will be "slower and more conditional than futures prices are currently pricing in."Meanwhile, back home, the German construction sector experienced its steepest contraction in over a year in April, with the decline primarily concentrated in housing amid war-related delivery delays, growing input price pressures, and weaker demand. The S&P Global Germany Construction PMI Total Activity Index plunged to a 13-month low of 42.1 from 48 in March.In corporate updates, shares of Henkel (HEN.F) climbed to the top spot of the index at 4.20%, after its first-quarter organic sales beat and a reiterated full-year 2026 outlook. The German chemical and consumer goods company's group sales reached 4.95 billion euros, up 1.7% on an organic basis versus 1.1% market forecast. Management still expects organic sales to rise 1% to 3% for the year, while adjusted EPS is forecasted to grow in the low to high single-digit percentage range at constant currency."A solid Q1 growth, with both Consumer Brands and Adhesives Technologies growth coming in ahead of expectations. FY26 revenue growth and adj. operating profit margin guidance is reiterated, in line with consensus. Meanwhile, acquisitions/divestment are now guided to have a low-single-digit positive impact (from neutral to slightly positive previously), with three deals already successfully closed," RBC Capital Markets said in a quick-take report.On the other hand, Siemens Healthineers (SHL.F) lost 4.72% and was one of the trading day's worst performers, after the German medical technology company lowered its fiscal 2026 guidance after a fiscal second-quarter earnings miss. The company now expects full-year revenue growth of 4.5% to 5%, down from its previous forecast of 5% to 6%. It also revised its adjusted basic EPS outlook to 2.20 euros to 2.30 euros, compared with earlier guidance of 2.20 euros to 2.40 euros.

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Asia Markets

German Blue-chip DAX Up; Henkel Gains on Q1 Beat

German equities retreated on Thursday, as the market assessed developments related to a potential US-Iran peace deal alongside a fresh batch of corporate earnings and trading updates.At closing, the blue-chip DAX was 1.02% in the red.Reuters reported that Washington and Tehran are moving toward a temporary arrangement to halt the current conflict, with sources indicating the proposed framework provides a path to end the fighting but leaves core points of contention for future negotiation. However, research firm Rystad Energy cautioned that a deal's impact on the physical oil markets will be "slower and more conditional than futures prices are currently pricing in."Meanwhile, back home, the German construction sector experienced its steepest contraction in over a year in April, with the decline primarily concentrated in housing amid war-related delivery delays, growing input price pressures, and weaker demand. The S&P Global Germany Construction PMI Total Activity Index plunged to a 13-month low of 42.1 from 48 in March.In corporate updates, shares of Henkel (HEN.F) climbed to the top spot of the index at 4.20%, after its first-quarter organic sales beat and a reiterated full-year 2026 outlook. The German chemical and consumer goods company's group sales reached 4.95 billion euros, up 1.7% on an organic basis versus 1.1% market forecast. Management still expects organic sales to rise 1% to 3% for the year, while adjusted EPS is forecasted to grow in the low to high single-digit percentage range at constant currency."A solid Q1 growth, with both Consumer Brands and Adhesives Technologies growth coming in ahead of expectations. FY26 revenue growth and adj. operating profit margin guidance is reiterated, in line with consensus. Meanwhile, acquisitions/divestment are now guided to have a low-single-digit positive impact (from neutral to slightly positive previously), with three deals already successfully closed," RBC Capital Markets said in a quick-take report.On the other hand, Siemens Healthineers (SHL.F) lost 4.72% and was one of the trading day's worst performers, after the German medical technology company lowered its fiscal 2026 guidance after a fiscal second-quarter earnings miss. The company now expects full-year revenue growth of 4.5% to 5%, down from its previous forecast of 5% to 6%. It also revised its adjusted basic EPS outlook to 2.20 euros to 2.30 euros, compared with earlier guidance of 2.20 euros to 2.40 euros.

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Asia Markets

German DAX Index Extends Gains Amid Renewed US-Iran Peace Hopes

Germany's blue-chip DAX index closed Wednesday's session 2.24% in the green, joining a global rally buoyed by renewed optimism over a possible end to the Iran war.Mentioning "great progress" toward a definitive resolution, US President Donald Trump announced a pause on efforts to escort vessels out of the Strait of Hormuz "to see whether or not the Agreement can be finalized and signed." Reuters reported, citing an unnamed Pakistani mediator, that the two nations are nearing the finalization of a one-page memorandum intended to cease hostilities in the region.Back at home, final business survey data showed Germany's private sector contracted for the first time in almost a year. According to S&P Global, the final Germany composite PMI output index fell to 48.4 in April from 51.9 a month earlier, above the initial reading of 48.3. For the service sector, the final PMI came in at 46.9, in line with the flash estimate and against the previous month's 50.9."The chances of the German economy contracting in the second quarter have now risen after a slump in services business activity in April. Unlike the manufacturing sector, which has been supported to an extent by stockbuilding efforts, the services economy has felt the immediate effects of the Middle East war on demand and has seen its steepest drop in activity in nearly three and a half years," S&P Global Market Intelligence economics associate director Phil Smith said.In corporate news, BMW Group (BMW.F) was among the top performers, closing 5.41% higher, as RBC Capital Markets looked past lower first-quarter revenue to note a better-than-expected automotive EBIT and reiterated full-year 2026 guidance despite the latest US tariff threat. The German carmaker's revenue was down 8.1% to 31.01 billion euros."Despite recent news that the EU to US import tariff on autos would return to 25%, BMW reaffirmed its '26 guidance and anticipates a [125-basis-point] impact due to tariffs for the year. BMW expressed confidence that a deal will be reached - specifically anticipating that EU tariffs on US imports will drop to 0% in H2/26, and that Mexico/Canada tariff reductions will also take effect in H2/26. Our math implies that consensus Automotive EBIT could move higher for the remainder of '26," the research firm wrote.Continental AG (CON.F) was also among the day's top stocks, rising 8.95% at close. The German automotive parts manufacturer reported first-quarter sales of 4.40 billion euros, down 10.4% year over year but slightly above the 4.39 billion-euro consensus, and maintained its full-year revenue outlook of 17.3 billion to 18.9 billion euros despite geopolitical uncertainty.

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Asia Markets

German Shares Rally Amid Corporate Earnings Buzz

Germany's blue-chip DAX index closed Tuesday higher by 1.71%, as investors focused on the latest flurry of corporate earnings and trading updates against a backdrop of sustained conflict in the Middle East.Rheinmetall (RHM.F) climbed to one of the top spots on the blue-chip DAX, closing 3.40% higher, as BofA Global Research looked past the German arms maker's preliminary first-quarter sales miss to focus on anticipated tailwinds from Germany's increased defense spending. Sales rose 7.7% year on year to 1.94 billion euros, falling short of the 2.27 billion-euro market forecast."This was driven largely by a difficult comp in 1Q25, but there is expected to be a strong growth acceleration in 2Q driven by Weapons and Ammo as the Murcia site commences full scale production and the delivery of already produced trucks to the German customer in 2Q... We maintain Buy on valuation. We continue to believe in the structural step up in German defence spending mid-term and see Rheinmetall as a key beneficiary of this inflection," the research firm wrote.Conversely, Fresenius Medical Care (FME.F) was the worst performer, falling 10.68%, after reporting a continued contraction in US volumes in the first quarter. The German healthcare company's revenue slipped 6% annually to 4.61 billion euros but remained ahead of the 4.59 billion-euro consensus estimate.Meanwhile, Commerzbank (CBK.F) noted that UniCredit's "unsolicited" takeover offer represents an 8.7% discount to the target's Monday closing price of 34.02 euros. The Italian banking group proposed 0.485 shares for each of the German lender's shares, valuing the target at 31.07 euros per share. Commerzbank said its board will review the proposal and issue a formal opinion within the statutory deadline. It gained 4.50% at the end of the session.On the geopolitical front, tensions between the US and Iran escalated after Iran reportedly carried out an aerial strike on an oil port in the United Arab Emirates, while US forces said they sank six Iranian military boats in the Strait of Hormuz and escorted two merchant ships through the waterway."Energy markets remain volatile, with Brent crude prices at 113 USD [per barrel], reflecting persistent supply concerns. Mounting tensions are testing the fragile ceasefire, with risks to inflation becoming more pronounced," Danske Bank said.

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Asia Markets

DAX Index Falls; German Manufacturing Growth Slows

German shares lost on Monday after returning from the Labor Day holiday, with investors assessing the latest business survey data on local factory activity against escalating tensions in the Middle East and fresh tariff threats from the US.At close, the blue-chip DAX index was down 1.24%.According to S&P Global, the final Germany manufacturing PMI slipped to 51.4 in April from the 46-month high of 52.2 in the previous month, above the flash estimate of 51.2. The sector's expansion slowed as new orders and production growth were offset by "darkening" business outlook amid the ongoing Middle East conflict."Reflecting growing concerns about both demand and supply-side conditions, businesses expecting activity to fall in the coming year now outweigh those anticipating a rise. There are worries that surging inflation pressures and the associated squeeze on purchasing power will stifle demand, with factory gate price inflation jumping sharply to its highest in over three years in April. At the same time, with supply delays already at a level not seen since mid-2022, there is a risk that production could be scaled back regardless of the demand situation," S&P Global Market Intelligence economics associate director Phil Smith said.Speaking of the Middle East conflict, Iran's navy claimed to have turned back a US warship at the Strait of Hormuz after allegedly striking it with two missiles while sailing near the port of Jask. Reuters, citing state media, reported that Tehran warned foreign navies of a "decisive response" if they enter the strait. The report comes as US President Donald Trump said Sunday that Washington plans to assist neutral commercial vessels stranded in the waterway.On the tariff front, Trump announced on May 1, 2026, that he would increase levies on European Union-made vehicles to 25% from 15% starting this week, asserting that the bloc failed to comply with the July 2025 trade framework. The US President told reporters the move is intended to force European brands to onshore production more quickly.Against this backdrop, German automotive companies Mercedes-Benz Group (MBG.F), BMW (BMW.F), Volkswagen (VOW.F) and Porsche Automobil Holding SE (PAH3.F) lost 3.35%, 2.44%, 2.22% and 0.94%, respectively, on Xetra.Meanwhile, Siemens Energy (ENR.F) fell 2.09%, as the Austrian Federal Ministry of Economy, Energy and Tourism announced that the German energy technology company plans to invest 155 million euros in two projects in the country, including an initiative involving transformer production and the development of a new service plant.

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Asia Markets

Germany's DAX Index Rebounds as ECB Holds Rates

The German blue-chip DAX index recovered, closing 1.41% higher on Thursday, as investors digested the European Central Bank's latest policy decision alongside a flurry of corporate updates and economic data.In a widely expected move, the ECB kept its key interest rates unchanged as the euro area's inflation rate hovers near the central bank's 2% medium-term target. 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."There remains a sense of calm confidence, with references to the resilience of the economy in recent quarters and longer-term inflation expectations remaining well-anchored. But there is also a sense of rising concern the longer the conflict in the Middle East continues," Deutsche Bank Chief European Economist Mark Wall said. "Overall, this is a statement that does not pre-commit the ECB to hiking in June. But it does not stop the ECB from hiking in June either."In other economic news, provisional data from Destatis showed that Germany's gross domestic product ticked up 0.3% in the first quarter from a revised 0.2% increase in the previous three-month period, surpassing the consensus estimate from Investing.com of 0.1%"Details will only be released in a few weeks, but according to the statistical office's press release, GDP growth was driven by stronger private and public consumption as well as stronger exports. A note of caution: as this flash estimate does not include any hard data for March, a downward revision of today's data cannot be excluded," ING wrote, adding that the German economy is "defying the adverse impact of the war in the Middle East, for now at least."On the corporate front, BASF (BAS.F) was up 1.28%, as mwb Research noted that the chemicals group's first-quarter beat obscures "underlying weakness." BASF delivered sales of 16.02 billion euros and adjusted EBITDA of 2.36 billion euros, both coming in ahead of consensus estimates at 15.9 billion euros and 2.19 billion euros, respectively, despite year-over-year declines."BASF delivered a modest Q1 beat on adj. EBITDA, but the quality remains weak, driven primarily by volume growth (notably from China and the Zhanjiang ramp-up) rather than underlying demand, with continued pricing pressure (-4.8% ex-metals) and FX headwinds weighing on profitability, especially in upstream segments," mwb said.Meanwhile, Deutsche Post (DHL.F), d/b/a DHL Group, reported a higher-than-expected first-quarter group EBIT of 1.48 billion euros, up 8.3% year over year and 7.5% ahead of company-compiled consensus, according to Bernstein. The logistics group rose to the top spot, climbing 7.51% at closing.Trading venues Xetra and Börse Frankfurt will be closed on Friday for Labor Day.

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Asia Markets

DAX Index Declines as German Inflation Jumps

Local equities were closed lower on Wednesday, as the market weighed Germany's latest inflation figures against the anticipated US Federal Reserve interest rate decision due later in the day.Amid a busy day for economic and corporate updates, the blue-chip DAX index closed the session 0.27% in the red.Preliminary data from Destatis showed German annual inflation accelerated to 2.9% in April from the previous 2.7%, behind the market forecast of 3%. The core inflation rate, which excludes food and energy prices, declined to 2.3% from 2.5% a month ago."Turning to the ECB, German inflation data adds to the evidence of increasing stagflationary pressures ahead of tomorrow's policy meeting. As much as the rise in actual inflation and inflation expectations will fuel the rate hike debate, growing signs of adverse growth effects will make aggressive rate hikes less straightforward," ING noted.Meanwhile, the ifo Institute said that German companies are accelerating their headcount reductions in response to persistent global instability, noting the layoffs are affecting nearly every industry sector. The ifo Employment Barometer fell to 91.3 points in April 2026, down from 93.4 points a month ago, hitting the lowest level since May 2020.On the corporate side, adidas (ADS.F) soared to the top of the DAX, climbing 8.35%, after outperforming first-quarter expectations and sticking to its full-year targets. The German sportswear giant posted a 14% increase in currency-neutral revenue to 6.59 billion euros, surpassing the consensus of 9% growth, and expects a high-single-digit currency-neutral sales jump for 2026, corresponding to 2 billion euros in absolute terms."Overall, a good print with the only major question likely to be the relative weakness of footwear in the mix and how much of the beat came from World Cup products. In our view, this is a strong performance with adidas winning in a number of important categories. Trading on 15x the stock was not pricing in a FY upgrade at this stage and we see this as likely to be enough to see a positive reaction today," Deutsche Bank Research wrote.On the other hand, Mercedes-Benz Group (MBG.F) reported a 5% decline in first-quarter revenue to 31.60 billion euros, with a sharp sales slump in China eclipsing rising demand for electric vehicles and growth across US and European markets. The German automaker was down 0.56% at closing.

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Asia Markets

German Shares Slip; Qiagen Tumbles on Outlook Downgrade

The German blue-chip DAX was down 0.27% on Tuesday, as investors assess the ongoing diplomatic stalemate between the US and Iran alongside the latest round of corporate earnings and trading updates.Qiagen (QIA.F) was DAX's worst performer, falling 10.76%, after lowering its full-year 2026 net sales outlook to between 1% and 2% growth at constant exchange rates, down from its earlier target of at least 5%. The molecular testing company also projects a 2% decline in net sales from last year's $534 million.Concurrently, Bayer's (BAYN.F) shares retreated by 4.01%, after Bloomberg News reported the US Supreme Court signaled a split opinion on how to handle ongoing Roundup lawsuits. Despite the market's reaction, mwb Research characterized the hearing of Monsanto v. Durnell as "broadly neutral to slightly constructive," viewing it as another part of the German life sciences company's broader strategy to contain its Roundup litigation liabilities."While oral arguments provided no decisive read through and justices appeared divided, Supreme Court pre-emption remains a credible catalyst alongside the pending USD 7.25bn settlement, both of which improve visibility around Bayer's largest structural overhang. A favorable ruling would not eliminate all litigation immediately, but it would strengthen Bayer's legal position, reducing future cash uncertainty and supporting sentiment around the Crop Science business. With the market still over-discounting prolonged litigation drag, we reiterate our BUY rating and unchanged [price target] of EUR 52.00, as we continue to see scope for multiple re-rating," mwb said.In economic news, consumer inflation expectations in the euro area rose. Based on the latest monthly European Central Bank Consumer Expectations Survey, median expectations for inflation for the next 12 months and the next three years increased in March to 4% and 3%, respectively, from 2.5% a month ago. Meanwhile, the forecast for the next five years ticked up to 2.4% from 2.3% in February."Ahead of Thursday's ECB meeting, this morning's data provides more evidence that the war in the Middle East and the rise in energy prices are not only posing an inflationary shock but rather a stagflationary shock for the eurozone economy. As much as the rise in inflation expectations will fuel the rate hike debate, growing signs of adverse growth effects will make aggressive rate hikes less straightforward. Even though the ECB's primary policy goal is price stability, it's hard to see that it would really want to fight an exogenous supply shock at the cost of worsening an economic downturn," ING wrote.Speaking of the Middle East conflict, Iran's latest proposal to sideline talks about its nuclear program until the end of hostilities goes against US President Donald Trump's demands, Reuters reported, citing an unnamed US official. Trump is reportedly "unhappy" with the new terms from Tehran, insisting that nuclear issues be addressed from the outset, the news publication added.

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Asia Markets

DAX Index Starts Week Lower; German Consumer Sentiment Weakens Further

German equities kicked off the new trading week lower, with the blue-chip DAX index down 0.19% on Monday's close, as markets await interest rate decisions from major central banks due within the week.The US Federal Reserve is set to announce its latest monetary policy move on Wednesday, while the decisions from the European Central Bank and the Bank of England are due Thursday.At home, German consumer sentiment appears to have deteriorated further, with the GfK consumer climate indicator for May 2026 dropping to -33.3 points from the revised -28.1 points a month ago, weighed down by falling income and economic expectations. The reading marks the indicator's lowest level since February 2023 and stands below the Investing.com consensus estimate of -30.2 points."The inflation rate in Germany rose from 1.9 percent to 2.7 percent in March due to rising energy prices caused by the war in Iran, leading the majority of consumers to once again expect price increases. Although the indicator for price expectations rose somewhat less sharply in April than in March- likely due to falling prices at the filling stations, the indicator's level has risen compared to the beginning of the year," the NIM Consumer Climate powered by GfK survey said.Meanwhile, the export outlook in Germany slightly improved as positive expectations roughly offset negative ones amid a high level of geopolitical uncertainty. The ifo Institute's export expectations indicator increased to 0.1 points in April from the previous month's -0.7 points.In corporate news, German officials held informal preliminary talks with European banks to explore the possibility of a new strategic investor purchasing a stake or taking over Commerzbank (CBK.F), unnamed sources reportedly told Bloomberg News. The German government, which holds a 12% stake in Commerzbank, is said to be looking at alternatives to a potential takeover by Italian lender UniCredit, which submitted its offer earlier in 2026. Commerzbank's shares were up 2.39% at closing.

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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.

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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.

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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.

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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.

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