DAX Falls for 2nd Day

2026-06-24 16:07 By Luisa Carvalho 1 min. read

The DAX 40 closed about 0.7% down at 24,716 on Wednesday, extending losses from the prior day, dragged down by defense stocks, while investors awaited Micron’s quarterly results for clues on the semiconductor outlook.

Meanwhile, investors continued to assess developments in US-Iran negotiations, with reports of improved traffic through the Strait of Hormuz offering some reassurance.

Giant Rheinmetall plunged over 18%, the steepest fall on record, after the Merz government confirmed it was cancelling the purchase of six F126 anti-submarine frigates, a program worth €15.2 billion that was slated to become the largest acquisition project in the history of the German Navy.

Other defense names, such as Renk and Hensoldt, slipped 7.9% and 4.3%, respectively.

Berlin is now targeting the purchase of eight Meko frigates from TKMS, whose shares jumped more than 15% on the news.

Meanwhile, MTU Aero Engines rose over 5% after JP Morgan reiterated its “Buy” rating.



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The DAX Index Closes 0.62% Lower
The DAX Index dropped 153 points or 0.62 percent on Wednesday to close at 24740 points. Losses were led by Rheinmetall (-19.06%), Deutsche Bank (-2.58%) and RWE (-2.50%). Offsetting the fall, top gainers were MTU Aero Engines AG (6.36%), Qiagen NV (4.60%) and Beiersdorf (3.79%).
2026-06-24
DAX Falls for 2nd Day
The DAX 40 closed about 0.7% down at 24,716 on Wednesday, extending losses from the prior day, dragged down by defense stocks, while investors awaited Micron’s quarterly results for clues on the semiconductor outlook. Meanwhile, investors continued to assess developments in US-Iran negotiations, with reports of improved traffic through the Strait of Hormuz offering some reassurance. Giant Rheinmetall plunged over 18%, the steepest fall on record, after the Merz government confirmed it was cancelling the purchase of six F126 anti-submarine frigates, a program worth €15.2 billion that was slated to become the largest acquisition project in the history of the German Navy. Other defense names, such as Renk and Hensoldt, slipped 7.9% and 4.3%, respectively. Berlin is now targeting the purchase of eight Meko frigates from TKMS, whose shares jumped more than 15% on the news. Meanwhile, MTU Aero Engines rose over 5% after JP Morgan reiterated its “Buy” rating.
2026-06-24
DAX Down for 2nd Day
The DAX 40 fell nearly 1% toward 24,600 on Wednesday, extending prior session losses driven by a global tech selloff. Traders awaited Micron’s quarterly results for clues on the semiconductor outlook and monitored developments in the US-Iran negotiations. Cautious optimism prevailed despite conflicting versions of the peace deal’s key terms, amid signs of improved traffic through the Strait of Hormuz. Defence stocks led losses, with Rheinmetall plunging a record 17% after Germany's defence ministry scrapped plans for its largest warship since World War II in favor of acquiring eight smaller frigates from Thyssenkrupp Marine Systems (TKMS). Renk Group and Hensoldt fell more than 4% each. On the gainers' side, MTU Aero Engines climbed 3.5% after JP Morgan reiterated its “Buy” rating. Chipmakers attempted a rebound with Infineon Technologies up around 1%, while Deutsche Post added 0.6% after an earlier decline following mixed results from FedEx.
2026-06-24