DAX retests 24,000 as earnings season gathers pace
The DAX is back under pressure as investors weigh a fresh test of the 24,000 level against a busy earnings session, rising Brent crude prices and persistent geopolitical risk in the Middle East.
Chief-Market Analyst
The DAX is back testing the 24,000 mark
The DAX remains under pressure and is facing another test of the 24,000 level today. The main backdrop is a busier earnings calendar, which is now giving investors a broader read on both sector-level momentum and the wider economic picture.
Nestle, Roche and STMicroelectronics have already reported, while Tesla released its quarterly numbers yesterday. Together, those updates are helping investors assess how demand and margins are evolving across major industries.
Tesla helped sentiment, but SAP remains the key local focus
Tesla's numbers were received broadly positively, but German investors are still treading carefully ahead of SAP's results after the US close. Market attention is focused on the company's cloud business and on whether its artificial intelligence strategy is starting to translate into more convincing growth.
That caution matters for the DAX because SAP is such a heavyweight within the index. The stock's continued downtrend is adding to the drag on the broader market, even as the wider earnings season starts to gather pace.
Higher Brent crude prices are keeping Europe on edge
The situation in the Middle East has not improved materially, and that is still feeding through into higher energy prices. For European equity markets in particular, rising Brent crude remains an important headwind because it revives inflation concerns at a time when growth expectations are still fragile.
That leaves investors with an uncomfortable mix: stronger company-level news in some areas, but a macro backdrop that can quickly deteriorate again if geopolitical tensions intensify.
PMIs and US labour data may set the next tone
The data flow later today could add another layer of volatility. European purchasing managers' indices are due, alongside several US macro releases including labour-market data, while more US companies are also due to report.
From a technical perspective, the source analysis suggests the DAX could trade in a range between 23,800 and 24,250 points. That keeps the market in a watch-and-wait mode, with earnings, oil prices and incoming data all competing to shape the next move.
Silver's recent rally may not last for much longer
Silver has recovered within a rising channel, but the move still looks more like a retracement than the start of a durable new uptrend. If support around $76 gives way, the chart may confirm a bear flag and open the way to a much deeper pullback.
Could Kevin Warsh sharpen the debate over the Fed's balance sheet?
Markets may pay less attention to the politics around Kevin Warsh's nomination hearing than to what he says about the Fed's balance sheet. The key question is whether the current liquidity bridge is phased out gradually or becomes the starting point for a more hawkish shift in balance-sheet policy.
Trump extends ceasefire, but the DAX stays unfazed
The DAX may open slightly above the previous close, but the extension of the US ceasefire with Iran has done little to change the market's broader caution. Investors are balancing geopolitical risk against improving global data and a busy earnings session led by Tesla and Vertiv.