DAX Hits Fresh Record High; Rheinmetall Tanks After Lowering 2026 Outlook
(RTTNews) - German stocks climbed higher Thursday morning, lifting the benchmark DAX to a fresh record high in the process, as risk sentiment improved following the victory of the Democrats in the midterm elections easing trade concerns a bit.
Oil's rebound from recent losses, and political tensions in France limited market's upside.
Brent crude futures rose 1.5% to 96.00 a barrel, after plummeting nearly 9% in the previous session to hit a two-month low.
While Democrats' sweeping victory in the U.S. midterm elections helped strip the risk premium out of crude, traders are weighing the risk of a further escalation of the U.S.-Israeli war with Iran.
Meanwhile, Iran's Islamic Revolutionary Guard Corps (IRGC) said today that two oil tankers and a tugboat caught fire in the Strait of Hormuz in two separate incidents after attempting to use unauthorized routes.
The DAX, which advanced to 26,651.50, was up 63.70 points or 0.25% at 26,543.03 a little while ago.
Zalando moved up 3.5%. MTU Aero Engines climbed 3.2%, while Bayer, Heidelberg Materials, Siemens Energy, Deutsche Bank and Daimler Truck Holding gained 2%-2.7%.
SAP, Adidas, Continental, BASF, Volkswagen, E.ON, Vonovia, Deutsche Boerse, Hochtief, Fresenius Medical Care, Siemens, RWE, Mercedes-Benz and GEA Group advanced 1%-1.8%.
Meal-kit maker HelloFresh soared 14% after third-quarter core profit beat forecasts.
Shares of defense group Rheinmetall tanked more than 16%, hurt by the company cutting its 2026 outlook for the second time in three months. The group cited delays with the Boxer armored vehicle program for the downward revision in outlook.
Commerzbank dropped 2.5% after lowering its outlook for lending income this year. Deutsche Telekom drifted down nearly 3% despite reporting a 7.5% increase in third-quarter 2026 revenue.
Siemens Healthineers, Beiersdorf and Infineon Technologies shed 1.3%-1.7%.
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