DAX Starts Week Subdued

Frankfurt's DAX 40 turned slightly positive to trade around 22,370 on Monday, despite mounting concerns over the Middle East conflict and evidence of its economic impact. While US President Trump indicated that a US-Iran agreement remains possible, he also suggested a preference to “take the oil,” implying a potential ground operation at Kharg Island. Complicating matters, Yemen’s Houthi rebels, allies of Tehran, have become directly involved in the regional tensions. On the data front, preliminary figures showed German inflation picked up to 2.7% in March 2026, from 1.9% in February, driven by energy price shocks from the ongoing US–Israeli war involving Iran. RWE, MTU Aero Engines, Fresenius SE & Co and Rheinmetall were the top performers, each rising more than 1%. On the downside, Zalando lagged with a nearly 2% decline, followed by Siemens Energy (-1.4%). Banks and autos also faced pressure.

Frankfurt's DAX 40 edged down to trade around 22,250 on Monday, the lowest level since April 2025, extending last week's losses, amid concerns over a potential escalation in the Middle East conflict. Tensions remain elevated as energy prices climb, driven by threats to key Middle Eastern shipping routes and rhetoric from US President Donald Trump. Although Trump said a deal with Iran remains possible, he stated he would prefer to “take the oil,” suggesting the deployment of ground troops to seize the major export hub at Kharg Island could be a reality. Retailers, industrials and banks were among the hardest hit. In equities, Zalando and Airbus led losses, falling 1.8% and 1.6%, respectively. Shares in Siemens Energy (-1.3%), Siemens (-1.1%), and Rheinmetall (-0.8%) also moved lower, as did those of Commerzbank (-1.4%) and Deutsche Bank (-0.5%).

The DAX Index is losing -47 points. Losses were led by Zalando (-1.42%), Airbus (-1.18%) and Commerzbank (-1.05%). Offsetting the fall, top gainers were SAP (0.66%), RWE (0.62%) and Merck (0.38%).