BRUSSELS (dpa-AFX) - German stocks are down in negative territory on Friday, drifting lower after four successive days of gains, as some disappointing earnings announcements, and concerns about the impact of tariffs imposed by U.S. President Donald Trump weigh on sentiment.
Trump administration's higher tariff rates on trading partners took effect from midnight. Meanwhile, Moscow confirmed Russian President Vladimir Putin and U.S. President Donald Trump are preparing to meet in the coming days, raising hopes of a ceasefire in the Ukraine war.
The benchmark DAX, which advanced to 24,195.69 earlier in the session, was down 58.95 points or 0.24% at 24,131.75 a little while ago.
Shares of German reinsurance major Munich Re are down more than 7% after the company trimmed outlook for 2025 insurance revenue. Insurance revenue from insurance contracts issued declined 1.2% to 14.78 billion euros in the second quarter, from prior year's 14.95 billion euros, despite organic growth.
In the second quarter, Munich Re generated a net result of 2.09 billion euros, up 30.2% from last year's 1.60 billion euros. Earnings per share climbed 32.9% to 15.94 euros from 11.99 euros a year ago.
Hannover Rueck is down nearly 4%. Allianz and SAP are down 1.7% and 1.6%, respectively. Deutsche Telekom, Deutsche Boerse, Symrise and Continental are down with modest losses.
Rheinmetall and Fresenius are gaining 3.6% and 3.3%, respectively. Siemens is up 1.8% and Merck is up by about 1.7%. Commerzbank, Damiler Truck Holding and Porsche Automobil Holding are advancing 1 to 1.4%.
RWE, Infineon Technologies, Mercedes-Benz, Volkswagen, Vonovia, Deutsche Bank, MTU Aero Engines, Porsche, Qiagen, Beiersdorf and Brenntag are up with moderate gains.
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