German Stocks Retreat Amid Geopolitical Oil Tensions, AI Warnings
(RTTNews) - German stocks fell on Monday, weighed down by rising oil prices and caution ahead of monetary policy meetings of some major central banks, including the Federal Reserve. Additionally, concerns over AI risks resurfaced, hurting sentiment.
Oil prices rose sharply on supply concerns following Saudi Arabia shutting down a pipeline after new Houthi strikes on Saudi Arabia and Iranian attacks on Gulf shipping.
Brent crude futures rose to $108.65 a barrel before easing to around $107.40, still up as much as 2.7% over previous close.
The benchmark DAX, which dropped to 25,339.25, was down 132.45 points or 0.52% at 25,424.71 a few minutes past noon.
Infineon Technologies tumbled nearly 9% as Anthropic CEO Dario Amodei's warning of a potentially large-scale AI-drive cyberattacks and OpenAI CEO Sam Altman's call for a more cautious pace of development weighed on tech stocks.
Siemens Energy plunged 7.3% and Hochtief shed a little over 7%. RWE lost 3.7%, while MTU Aero Engines, Siemens and Deutsche Bank dropped 2%-2.5%.
Heidelberg Materials, E.ON, Continental, Daimler Truck Holding, GEA Group and Commerzbank lost 0.5%-1.2%.
SAP climbed 3.2%. Deutsche Boerse and Bayer moved up 3% and 2.85%, respectively. Scout24, Beiersdorf, Fresenius Medical Care, Symrise and Siemens Healthineers gained 1.8%-2.3%.
Hannover RE, Deutsche Telekom, Zalando, Henkel, Rheinmetall, Munich RE, Merck and Brenntag also moved notably higher.
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