The German benchmark index hovered near record levels on Wednesday as investors awaited key U.S. inflation data and Nvidia’s quarterly results after the close. The DAX traded up 0.09% at 26,290 points by midday, just below its record high of 26,574 points set the previous day. The MDax of mid-cap stocks rose 0.48% to 32,421, while the Euro Stoxx 50 edged 0.2% higher.
Falling oil prices eased inflation concerns and lent support to equities, though losses at SAP weighed on the DAX. The software giant’s shares fell 4% after UBS downgraded its rating, citing fair valuation and fragile investor sentiment. Analyst Michael Briest noted the stock remains reasonably priced but warned that sentiment remains cautious. In contrast, Deutsche Bank shares advanced 3.7%, reaching their highest level since 2014.
Qiagen climbed 2.6% on reports that private equity firms EQT and KKR were in talks to acquire the diagnostics company at $50 per share. E.ON gained 1.3% after Berenberg upgraded its rating to ‘Buy,’ citing an attractive entry point into the utility’s growth and return potential in Germany’s power grid.
In the MDax, airline stocks Lufthansa and Fraport benefited from lower oil prices, while industrial names Salzgitter and Aurubis extended gains alongside rising commodity markets. Engine maker Deutz continued its recent rally. Aroundtown shares were volatile after reporting weaker first-half earnings, with higher costs pressuring profitability and shares slipping 0.6%.
Investors are also focused on the upcoming Federal Reserve symposium in Jackson Hole, which begins Thursday, where fresh U.S. inflation data—specifically the PCE deflator—could influence policy expectations. Nvidia’s results later Wednesday will be closely watched as a barometer for AI chip demand and the sustainability of the sector’s expansion.
