The German DAX index slipped 0.26% to 26,068 points a quarter-hour after the open on Monday, remaining above the 26,000 mark and the 21-day moving average but extending Friday’s pullback. The index has yet to reclaim the July record of 26,574 points, with further consolidation likely ahead of key events this week.
The MDax of mid-cap stocks fell 0.20% to 32,048 points, while the Euro Stoxx 50 shed 0.30%. Analysts warned that the DAX’s resilience above 26,000 remains untested, with a break below potentially amplifying volatility. "Each of Nvidia’s earnings, U.S. sanctions on Iran and the Jackson Hole central-bank symposium carries the potential to unsettle markets," said Jochen Stanzl, market strategist at Consors Bank.
U.S. futures pointed to a weaker open after Asian equities declined, with South Korea’s tech-heavy Kospi among the notable laggards. European investors also faced a light economic calendar, leaving the DAX sensitive to external cues.
Semiconductor stocks led declines in Germany, pressured by profit-taking in AI-linked names and weak Asian peers. Infineon fell 1.5%, Elmos dropped 0.7%, Aixtron and Suss Microtec each lost more than 1%, and SK Hynix declined alongside Samsung, which disappointed despite announcing dividend increases and buybacks. Energy and industrial names diverged: Siemens Energy slid 1.9% even as data-center power demand tied to AI growth remains supportive, while Volkswagen slumped 2.6% to lead auto losses. BMW and Mercedes-Benz each fell 1.3% and 1.1%, respectively.
Volkswagen’s CEO Oliver Blume urged unity as the group implements its largest transformation plan amid a global auto downturn. "The next few weeks are critical—everyone must pull together," he told Bild am Sonntag. "We have launched the biggest transformation in Volkswagen’s history."
Conversely, materials and chemicals advanced for a second session, with Thyssenkrupp up 1.3%, Aurubis gaining 0.7%, Brenntag rising 0.6% and K+S adding 0.4%.
