DAX Index Down; German Industrial Output Ticks Up

The blue-chip DAX index closed Tuesday 1.37% lower, following the release of Germany's latest industrial production data and updates on the Middle East conflict. According to Destatis, industrial output in May was up 0.9% month over month, against a revised 0.2% increase and an expected 0.1% gain. Year on year, industrial production held steady, following a revised 0.9% decrease a month ago. "Despite the war in the Middle East and soaring energy prices, industrial production is proving resilient. In the first two months of the second quarter, industrial production is actually up, not down. Some industries or companies actually seem to have benefited from the war in the Middle East, as Asian competitors were hit harder by the closure of the Strait of Hormuz," ING said. Underscoring these shipping vulnerabilities, oil prices rose after Beyond the threat to supply lines, friction between the US and Iran continued to worsen. Iranian Foreign Minister Seyed Abbas Araghchi warned on social media that.