The German DAX suffered further losses on Thursday, slipping below the psychological 25,000-point threshold to close down 1.03% at 24,939.35 points. The MDAX index of mid-cap companies fell even further, dropping 1.92% to 30,251.37 points.
During the session, the DAX hit a low of 24,831 points, where it initially found support at the long-term 200-day moving average. Although the index briefly recovered some of its losses, persistent pressure from elevated oil prices, rising bond yields, and a weak opening on US exchanges weighed on the market throughout the day. Salah-Eddine Bouhmidi, a market expert at broker IG, described the action as a wild ride around the 25,000 mark, noting that while the successful test of support near 24,800 points signaled strong buying interest, its durability remains to be seen.
Among individual equities, Heidelberg Materials shares led the DAX, rebounding 2.8% from a low not seen since April 2025. Jefferies analyst Glynis Johnson expressed confidence in the cement manufacturer's third-quarter operating profit, anticipating earnings growth and a confirmation of annual targets when figures are released in early November despite a difficult operating environment.
Continental shares gained 0.4% against the broader market weakness. Management's recent signals ahead of the quiet period preceding November's earnings release were viewed positively, with UBS analyst David Lesne suggesting a potential upgrade to full-year targets following a strong third quarter that could beat consensus estimates.
Conversely, Fresenius shares declined 2.1%. The medical and hospital group announced plans to completely take over its biopharma subsidiary mAbxience, agreeing to pay up to 750 million euros for the remaining 45% stake.
Bayer finished at the bottom of the DAX, dropping 5.3%. According to JPMorgan analyst Richard Vosser, early third-quarter consensus estimates for the agrochemical and pharmaceutical conglomerate are likely too high.
Renk shares fell for the fourth consecutive session, closing 2.7% lower following a downgrade by Bank of America, which withdrew its buy recommendation for the defense stock. In contrast, Hensoldt shares rose 0.9% after sector expert David Holmes reaffirmed a buy rating and added the defense and security electronics supplier to the bank's top small-cap investment ideas list.
Across the broader region, the Eurozone blue-chip index EuroStoxx 50 closed down 1.5%, with similar losses recorded in London and Zurich. At the European close, the US Dow Jones Industrial Average was down roughly 0.6%, while the technology-heavy Nasdaq 100 traded about half as far down.
