DAX Drifts Lower As Investors Await Progress On Trade Front
(RTTNews) - German stocks are notably lower on Friday as investors react to a slew of corporate earnings announcements, and closely follow the developments on the trade front.
European Union officials are voicing optimism about a possible trade deal with the United States, but U.S. President Donald Trump's position is seen to have hardened ahead of the August 1 deadline.
The member states adopted on Thursday the list of countermeasures targeting €93 billions' worth of U.S. products that will come into effect on August 7 in case the talks fail.
The benchmark DAX was down 159.97 points or 0.65% at 24,147.05 a little while ago.
Deutsche Boerse and MTU Aero Engines both are down by about 1.7%. Deutsche Bank, Sartorius, Vonovia, Fresenius Medical Care, Adidas, Hannover Rueck and Rheinmetall are down 1 to 1.5%.
Allianz, Siemens Energy, Henkel, Deutsche Telekom, Merck, SAP and Fresenius are moderately lower.
Volkswagen is gaining about 3.25% despite reporting a sharp drop in second-quarter profit and lowering its 2025 financial forecast.
Mercedes-Benz, Porsche Automobil Holding, BMW and Porsche are up 2 to 2.2%. Daimler Truck Holding is advancing nearly 1%.
Brenntag, Bayer, BASF and Beiersdorf are up with modest gains.
In economic news, the Ifo Business Climate Index for Germany edged up to 88.6 in July, from 88.4 in June, marking the highest reading since May 2024.
The report from the Ifo Institute also showed the current assessments index came in with a score of 86.5 for July, compared to 86.2 in June. The business expectations index came in at 90.7 for July, up from 90.6 a month earlier.
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