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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%.

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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

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

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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