DAX Falls for 8th Day

Frankfurt's DAX 40 closed about 0.3% down at 23,944 on Wednesday, the lowest since mid-April and extending losses for the eighth straight session. Market sentiment was hit by a sharp increase in oil prices following renewed threats from US President Donald Trump against Iran. Earlier, traders were confronted by reports that President Trump is preparing to extend a blockade on Iranian ports, heightening fears of prolonged supply disruptions. Meanwhile, caution prevailed ahead of the Fed's policy outcome later in the day and financial releases from US tech giants. In equities, Siemens Healthineers (-3.7%), Hannover Ruck (-3.2%) and Munchener Ruck (-3.1%) posted the biggest declines. Deutsche Bank fell 1.9% despite a jump in profits, as it flagged higher credit provisions. Mercedes-Benz Group shed 0.3%, despite reporting a smaller-than-expected profit decline. On the upside, Adidas surged 8.3% after reporting a stronger-than-expected first-quarter profit.

The DAX Index fell 64 points or 0.27 percent on Wednesday to close at 23955 points. Leading the losses are Siemens Healthineers (-3.86%), Hannover Rueck (-3.43%) and Merck (-3.21%). Top gainers were Adidas (8.35%), Airbus (5.13%) and Infineon (4.91%).

Frankfurt's DAX 40 gave up some initial gains on Wednesday, trading slightly below the 24,000 mark, extending losses for the eighth consecutive day. Persistently high oil prices amid the ongoing stalled negotiations between Iran and the US weighed on sentiment. Meanwhile, traders parsed a batch of corporate reports, while bracing for key monetary policy decisions from the Fed later today and the ECB tomorrow. Deutsche Bank plunged over 2% as its results failed to impress investors. Hannover Ruck and Munchener Ruck were also among the top losers, falling 3% and 2.7%, respectively. On the upside, Adidas surged roughly 7% after reporting a stronger-than-expected first-quarter profit. Scout24 advanced 5% after reporting first-quarter revenue that narrowly missed expectations, alongside accelerating organic growth and an expanded share buyback program. Mercedes-Benz Group added 0.3%, after issuing an optimistic full-year outlook and reporting a smaller-than-expected profit decline.