The DAX Index Opens 0.85% Lower

Frankfurt’s DAX 40 fell 0.8% to below 24,900 in early trading on Thursday, extending losses from the previous session to hit its lowest level since July 23, as a renewed bond selloff and rising oil prices heightened inflation concerns. Oil prices climbed further amid reports that the White House had requested options for potential strikes on Iran before the US midterm elections. Hawkish Fed minutes added to pressure on equities, while investors now turn their attention to the ECB’s latest meeting accounts for clues on its policy outlook. Sentiment was also weighed down by continued weakness in Germany’s external demand, with exports falling 0.8% month-on-month in August. Among individual stocks, semiconductor maker Infineon led the declines, falling more than 3%, while Deutsche Bank extended its losses for a second day, dropping 1.8% as eurozone bond yields moved closer to their recent highs.

The DAX Index is dropping 213 points. Leading the losses are Infineon (-2.92%), Qiagen NV (-2.27%) and MTU Aero Engines AG (-2.08%). Top gainers were E.ON (0.56%), Deutsche Boerse (0.44%) and Hannover Rueck (0.23%).

Frankfurt’s DAX 40 fell 1.4% to 25,091 on Wednesday, snapping a three-session winning streak as a global bond selloff and rising energy prices weighed across sectors. Bond yields came under pressure amid renewed concerns over Europe’s fiscal outlook, particularly in France, while elevated energy prices added to inflation worries, as Iran has increased the pace of attacks on tankers in the Strait of Hormuz. Financial stocks underperformed, with Deutsche Bank and Commerzbank falling 3.7% and 5%, respectively. Technology and industrial shares also declined, led by Infineon (-5.8%), Siemens (-2.6%) and Siemens Energy (-2.8%). Utilities E.ON (-1.5%) and RWE (-0.8%) fell as European gas prices rose. Defense Rheinmetall (-2.8%) and MTU Aero Engines (-4%) also retreated. On the upside, Volkswagen gained 1.3% as the EU considers restrictions on Chinese hybrid imports. Scout24 (2.4%), Deutsche Telekom (2.2%) and Adidas (1.3%) also advanced, ranking among the session’s top performers.