The DAX Index Opens 2.11% Lower

Frankfurt's DAX 40 tumbled more than 2% on Monday, trading at over three-week lows of 24,720, as investors assessed the economic fallout from the Middle East conflict. Over the weekend, a major escalation in the Middle East unfolded after the United States and Israel carried out coordinated strikes on Iran that killed Iran’s Supreme Leader Ayatollah Ali Khamenei and other top officials, prompting swift Iranian retaliation and jeopardizing energy supply chains and global economic stability. Travel and leisure stocks, including airlines, declined the most, with Deutsche Lufthansa slipping over 5%. Banking stocks and insurers also faced heavy pressure. Deutsche Bank dropped 3.5%, Commerzbank fell 2.7% and Allianz lost 2.6%. Chemical companies such as BASF and Brenntag lost over 2% each. Meanwhile, defense names such as Hensoldt (5%), Renk (3.6%) and Rheinmetall (3.4%) advanced on rising expectations of higher US defense spending.

The DAX Index is falling -533 points. Losses were driven by Deutsche Bank (-4.03%), Siemens (-3.96%) and Daimler Truck Holding AG (-3.85%).

The DAX Index gained 39 points or 0.16 percent on Friday to close at 25328 points. Gains were led by Scout24 (4.42%), Deutsche Telekom (3.71%) and Deutsche Boerse (2.87%). Biggest losers were Commerzbank (-3.70%), Deutsche Bank (-2.55%) and Adidas (-2.40%).