The DAX is set to open modestly lower on Monday after a recent stabilization, with the X-DAX futures pointing to a 0.2% decline to 26,093 points at 07:30 CET.
The index remains above the psychologically significant 26,000 mark and the 21-day moving average, a widely watched short-term trend indicator, but the path back to its record high of 26,574 points appears challenging amid a slate of market-moving events this week.
Market strategist Jochen Stanzl of Consors Bank highlighted three key risks: Nvidia’s upcoming earnings release, the U.S. Treasury’s expected clarification on sanctions against Iran, and the Federal Reserve’s annual Jackson Hole symposium. Each carries the potential to roil global markets, he noted, adding that the DAX must prove whether the 26,000 level can hold. A break below could amplify volatility.
International equities offered little support overnight. While U.S. markets closed higher on Friday, futures signalled declines at the start of the new trading week. Asian markets also fell, with South Korea’s tech-heavy Kospi under notable pressure. Semiconductor stocks such as Infineon and Aixtron could face spillover pressure after Samsung and SK Hynix reported weak results and disappointed investors with their dividend and share buyback plans.
Elsewhere, political headlines added to uncertainty. Lower Saxony’s premier Olaf Lies called for tariffs on Chinese hybrid cars, though traders dismissed the proposal as unlikely to materially impact German automakers, noting it followed similar demands from other officials.
In corporate governance news, Commerzbank supervisory board chairman Jens Weidmann argued that the German government should retain its stake in the Frankfurt-based lender for now, despite speculation over a potential exit. Weidmann, a former Bundesbank president, told the Süddeutsche Zeitung that while the government’s stake was originally part of a rescue measure, it now serves to safeguard Germany’s financial interests. He added that Berlin should consider divesting once Commerzbank and Italy’s Unicredit agree on a joint strategy, but stressed that the current phase warrants continued state involvement.
