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