The DAX Index Opens 0.88% Lower

Frankfurt’s DAX 40 fell 0.8% to around 25,240 in early trading on Wednesday, snapping a three-session winning streak, as a renewed rise in oil prices and elevated bond yields weighed on sentiment. Brent crude rose back above $100 a barrel as Iran stepped up attacks on tankers transiting the Strait of Hormuz, fueling inflation concerns and raising the prospect of higher interest rates. Investors now await the Federal Reserve’s meeting minutes later in the day for clues on the path of US interest rates. Meanwhile, better-than-expected German industrial production provided some support, with output rising 2.0% month-on-month in August, well above expectations of a 0.5% increase, keeping hopes of an emerging economic recovery alive. On the corporate front, shares of Infineon fell 3.6%, while Siemens Energy declined 2.0%, Deutsche Bank dropped 1.3%, and Vonovia lost 1.3%.

The DAX Index is losing 223 points. Losses were led by Infineon (-3.57%), Siemens Energy (-2.09%) and Siemens (-1.94%). Offsetting the fall, top gainers were Porsche Automobil (1.47%), Volkswagen (1.20%) and Rheinmetall (0.80%).

The DAX Index rose 195 points or 0.77 percent on Tuesday to close at 25449 points. Leading the gains are Continental (2.81%), Brenntag (2.56%) and Henkel (2.32%). Top losers were Rheinmetall (-3.41%), Deutsche Telekom (-1.57%) and MTU Aero Engines AG (-1.00%).