The Dax looked set for a subdued decline on Thursday, with the X-Dax indicating a 0.1% drop to 26,093 points one hour before the Frankfurt open. The Euro Stoxx 50 was expected to fall 0.2%, reflecting a cautious tone in European equities after overnight losses in global technology shares.
Semiconductor stocks led the retreat in Asia, extending declines from U.S. trading the previous day. Infineon and Aixtron were among the most affected German names, with both shares under pre-market pressure. The South Korean Kospi, once a barometer for AI-driven gains, has more than halved from its mid-June peak after briefly doubling since the start of the year. The index’s recent recovery now faces renewed pressure as losses deepen.
Technology-heavy benchmarks such as the Kospi, Japan’s Nikkei 225 and the U.S. Nasdaq 100 have notched fresh records in months, while the Dax only reached its own peak in the prior week near 26,500 points before consolidating. Rising bond yields and geopolitical tensions in the Middle East have dampened risk appetite, according to market strategist Stephen Innes. Technology stocks, often reliant on high levels of debt financing for growth, are particularly sensitive to rising borrowing costs.
Analyst Frank Sohlleder of ActivTrades noted that the psychological support level around 26,000 points for the Dax is once again under scrutiny. The index had briefly breached that level earlier this week before stabilizing.
In corporate news, Heidelberger Druckmaschinen maintained its full-year guidance despite reporting a sharp decline in revenue and operating profit for the first quarter, alongside a wider net loss compared with the prior year. Shares slipped in pre-market trading.
Redcare Pharmacy shares advanced after rival DocMorris reported strong growth in prescription drug sales and digital services during the first half, alongside a reduced net loss. The Swiss group raised its annual revenue and adjusted EBITDA guidance ranges, lifting sentiment for the sector.
