The DAX Index Closes 0.01% Higher

Frankfurt's DAX 40 extended losses to trade below 25,400 on Wednesday, as oil prices fluctuated, with traders awaiting the concrete outcome of the talks between US and Iranian delegates at the UN General Assembly. President Trump described the meetings held yesterday on the sidelines of the UN General Assembly between US and Iranian delegates as "very constructive," announcing further contacts shortly. Attention also turns to the upcoming meeting between President Trump and President Xi Jinping, which will focus on key issues such as trade, artificial intelligence, supply chains, and geopolitical issues. On the domestic data front, Germany’s flash services PMI for September surprised to the upside. Scout24 led losses among stocks, down 2.3%, followed by Volkswagen (-1.7%), BMW (-1.6%) and Deutsche Post (-1.6%). On the upside, MTU Aero Engines (1.4%), Rheinmetall (1%) and SAP (0.7%) posted the biggest gains.

The DAX Index is gaining 51 points or 0.20 percent on Wednesday. Leading the gains are SAP (1.93%), HeidelbergCement (1.29%) and Rheinmetall (1.20%). Top losers are Zalando (-1.21%), Deutsche Telekom (-1.18%) and E.ON (-0.97%).

Frankfurt's DAX 40 closed virtually unchanged at 25,579 on Tuesday after a volatile session, as caution prevailed. Brent crude fell before settling back around $100 a barrel after reports that Tehran had offered to reopen the Strait of Hormuz within 7 days if the US lifted its blockade of its ports. The proposal could serve as a basis for talks with countries mediating on the sidelines of the United Nations General Assembly. Speaking in New York, President Trump defended the conflict, saying he could “annihilate” Iran but expected a deal after the US midterm elections. Locally, political concerns persisted after Germany’s CDU suffered its worst-ever result in Mecklenburg-Western Pomerania, winning no seats and prompting calls for Chancellor Merz to step down. Solid gains in tech, travel-related stocks and retailers were offset by weakness in insurers, banks and telecoms. Among the top gainers were Zalando (3.7%), Lufthansa (3.3%), GEA Group (2.8%), Adidas (2.6%) and Infineon (2.5%).