DAX Extends Losses Amidst Hormuz Flare-up

(RTTNews) - The DAX benchmark that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange extended losses on Thursday amidst a fresh round of hostilities between the U.S. and Iran on the issue of transit through the Strait of Hormuz.

The DAX benchmark has declined 1.1 percent to trade at 24,407.14 versus 24,671.54 at the previous close. The day's trading ranged between a high of 24,514.80 and a low of 24,384.75.

Amidst market turbulence attributed to geopolitical and tariff-related factors, the index's gains over the year stand at 4.55 percent. The index had touched an all-time high of 25,507.79 on January 13.

In the 40-scrip index, only 11 scrips are trading in overnight positive territory. Fresenius Medical Care topped with gains of 4.55 percent. Continental has gained 3 percent. Fresenius as well as Henkel, have both added more than 2.5 percent.

Rheinmetall plunged more than 13 percent amidst an analyst downgrade by JPMorgan. Daimler Truck Holding followed with losses of more than 7 percent. Hannover Ruck, Allianz, Siemens Healthineers have all declined more than 5 percent.

Despite renewed hostilities between the U.S. and Iran, the dollar has retreated on Friday. The six-currency Dollar Index has slipped 0.12 percent overnight and is currently trading at 97.95, after ranging between 98.25 and 97.89. The index had closed at 98.07 on Thursday.

In tandem, the EUR/USD pair has rallied 0.35 percent to 1.1764 after ranging between 1.1774 and 1.1723. The EUR/GBP pair is trading 0.08 percent lower at 0.8644. Meanwhile, the EUR/JPY pair has gained 0.23 percent and is currently trading at 184.40.

Though global bond yields are trading in a mixed fashion, ten-year German bond yields have increased 0.34 percent overnight to 3.0081 percent. The yield which was at 2.9980 percent at the previous close ranged between 3.0214 percent and 3.0005 percent in the day's trading.

Data released earlier in the day showed Germany's trade surplus narrowing to 14.3 billion euros in March, from a downwardly revised 19.6 billion euros in February. Markets had expected a level of 18.4 billion euros.