BRUSSELS (dpa-AFX) - German stocks are down sharply on Friday due to heavy selling across the board amid rising trade tensions following U.S. President Donald Trump announcing sharply higher tariffs on dozens of countries, including Canada and Switzerland. Trump also confirmed a 15% tariff on EU imports.
Pharma stocks are under pressure after Trump asked 17 major global pharmaceutical companies to lower drug prices in the U.S.
Investors are also continuing to react to corporate earnings announcements.
The benchmark DAX was down 411.74 points or 1.71% at 23.672.33 a little while ago.
Daimler Truck Holding is down nearly 6% after the owner of U.S. truck brand Freightliner trimmed its 2025 forecast, citing persisting market weakness in North America.
Siemens Energy is down 4.1% and Sartorius is declining 3.8%. Heidelberg Materials, Siemens, MTU Aero Engines and Merck are lower by 2.7 to 3.1%.
Infineon Technologies, BASF, Rheinmetall, Allianz and Zalando are down 2 to 2.5%.
SAP is down nearly 2% after signing a deal to buy SmartRecruiters, a talent acquisition software provider.
Fresenius Medical Care, Siemens Healthineers, Vonovia, Fresenius, Adidas, Continental, Deutsche Bank, Volkswagen, Qiagen and Symrise are down 1.3 to 1.7%.
BMW, Deutsche Post and Beiersdorf are also notably lower.
Bayer is bucking the trend and gaining about 3.2%, after raising its 2025 sales forecast.
E.ON and Commerzbank, the two other gainers in the benchmark index, are up marginally.
In economic releases, data from S&P Global showed the HCOB Germany Manufacturing PMI was revised slightly lower to 49.1 in July 2025 from a preliminary reading of 49.2 and compared to 49 in June, continuing to point to a deterioration in manufacturing business conditions.
Flash data from Eurostat showed Eurozone inflation remained at the European Central Bank's 2% target last month, bucking expectations of a slight fall.
Eurozone manufacturing moved closer to stabilization in the month, with the HCOB Eurozone Manufacturing PMI coming in at 49.8, up from 49.5 in June.
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