The DAX Index Closes 0.11% Lower

The DAX Index fell 30 points or 0.11 percent on Monday to close at 26107 points. Leading the losses are Qiagen NV (-3.74%), Infineon (-3.52%) and Siemens Energy (-3.01%). Top gainers were Beiersdorf (2.11%), Deutsche Bank (2.10%) and Daimler Truck Holding AG (2.07%).

The DAX 40 trimmed early losses to close marginally down at 26,119 on Monday, pressured by tech stocks, industrials and autos. Meanwhile, investors cautiously awaited details on new US sanctions on Iran due later in the day, given its possible impact on inflation and interest rates across the globe. Attention also turned to the Jackson Hole symposium later this week, where Fed Chair Kevin Warsh is expected to face close scrutiny over the outlook for US monetary policy. Tech and AI-related stocks such as Infineon Technologies (-3.2%) and Siemens Energy (-3%) faced heavy pressure on nervousness ahead of Nvidia’s earnings. Qiagen NV dropped 3.1%, after naming Jonathan Pratt as its new CEO amid ongoing merger talks. Volkswagen slipped 1.6% after CEO Oliver Blume warned that mounting pressure on the automotive sector would require deep cost cuts, including significant workforce reductions. On the flip side, Beiersdorf and Daimler Truck outperformed, rising more than 2% each.

The DAX 40 fell about 0.3% to below 26,100 on Monday, reversing gains from the prior session, pressured by technology stocks, amid nervousness ahead of Nvidia’s earnings. Investors also awaited details on new US sanctions on Iran due later in the day. The US administration recently stated its intention to increase economic pressure on Iran and its trading partners in order to bring about an end to the war with Iran. Meanwhile, the Jackson Hole symposium later this week will be closely watched for clues on interest rates. In Europe, markets broadly expect the ECB to deliver another 25-basis-point rate hike in September, following its June increase. Among key movers, Volkswagen (-1.7%), Siemens Energy (-1.2%) and SAP (-1%) posted the biggest losses. On the upside, Brenntag (1.1%), BASF (0.9%) and Beiersdorf (0.7%) advanced the most.