(RTTNews) – The German stock market’s benchmark index, the DAX, declined on Tuesday as concerns over Middle East conflicts and rising energy prices weighed on investor sentiment.
Brent crude futures surged nearly 2% to $73.31 per barrel before easing slightly to $72.98.
The DAX opened modestly lower and was down 130.03 points, or 0.5%, at 25,702.49.
Siemens Energy led the losses with a 6.55% drop after Barclays downgraded the stock to “underweight” from “equal-weight.” Infineon Technologies fell 5.7%, while Hochtief and Siemens each slipped approximately 2.5% and 2%, respectively. RWE, Vonovia, and MTU Aero Engines also experienced marginal declines.
On the upside, Beiersdorf rose nearly 3%, Munich RE gained 2.75%, and Fresenius Medical Care, SAP, and Hannover RE each advanced 2% to 2.6%. Meanwhile, Deutsche Bank, Scout24, BMW, Fresenius, Mercedes-Benz, Siemens Healthineers, Deutsche Boerse, Henkel, Heidelberg Materials, Symrise, and Adidas all climbed between 1% and 2%.
Data from Destatis revealed Germany’s industrial production increased 0.9% in May, exceeding the market’s expectation of a 0.1% rise. This marked an acceleration from April’s 0.2% growth. Year-over-year, industrial output remained unchanged in May after a 0.9% decline in April. Excluding energy and construction sectors, industrial production rose 0.8% from April, driven by a 1.3% surge in capital goods and a 1.2% increase in consumer goods, though intermediate goods output fell 0.4%.
