DAX moves closer to 25,000 as elevated oil prices continue to cap upside
The DAX is edging back towards 25,000 after positive leads from Asia and Wall Street, but Brent crude near $90 keeps inflation and growth concerns in focus ahead of earnings and the ECB meeting.
written by
Andreas Lipkow
Chief Market Analyst
21 Jul 2026, 08:25
DAX edges back towards 25,000
Supported by positive leads from both Asian markets and Wall Street, the DAX is once again edging towards the 25,000-point mark.
While reports suggest that the United States and Iran have resumed indirect negotiations through international mediators, military attacks in and around the Strait of Hormuz continue, leaving one of the world's most important shipping routes at the centre of geopolitical concerns.
Oil prices continue to cap upside
Brent crude remains elevated at around $90 per barrel, reflecting the significant geopolitical risk premium still embedded in energy markets.
Persistently high oil prices are likely to limit the DAX's ability to build sustained upward momentum, as investors remain concerned about their potential impact on inflation and economic growth.
Earnings and the ECB move into focus
Market participants are also looking ahead to a busy week for corporate earnings, with results due from Tesla, Alphabet and Intel.
Attention will additionally turn to the European Central Bank's policy meeting on Thursday. While interest rates are widely expected to remain unchanged, investors will closely scrutinise the ECB's assessment of the inflation outlook and any guidance on the future policy path.
ZEW and US data shape today's agenda
On today's macroeconomic agenda, markets will focus on Germany's ZEW Economic Sentiment Index and the ADP employment report from the United States. Corporate earnings from 3M and General Motors will also be closely watched.
From a technical perspective, the DAX is expected to trade within a range of 24,750 to 25,000 points during today's session.
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DAX expected to open slightly lower as competition intensifies in the tech sector
The DAX is set for a weaker start as Brent crude trades above $90, Middle East tensions keep energy prices elevated, and investors reassess competitive pressure across global technology stocks.
DAX extends losses as selling pressure in technology stocks persists
The DAX remains under pressure as technology and semiconductor stocks sell off, with investors balancing Middle East risk, higher oil prices, resilient US data and the prospect of tighter monetary policy.
Brent oil extends rebound after holding key support
Brent crude has rebounded sharply from support around $70.50 and moved into the mid-$80s as geopolitical risk returns to energy markets. Momentum indicators have improved, but the market now needs to hold above the former $82.50 resistance area to keep the bullish setup intact.