DAX Snaps 3-Session Gain
Frankfurt’s DAX 40 fell 1.4% to 25,091 on Wednesday, snapping a three-session winning streak as a global bond selloff weighed on credit-sensitive 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.
4% to 25,091 on Wednesday, snapping a three-session winning streak as a global bond selloff weighed on credit-sensitive 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. 7% and 5%, respectively. 8%).
8%) fell as European gas prices rose. 8%) and MTU Aero Engines (-4%) also retreated. 3% as the EU considers restrictions on Chinese hybrid imports. 3%) also advanced, ranking among the session’s top performers.