BRUSSELS (dpa-AFX) - German stocks fell on Wednesday as inflation concerns rose after oil prices climbed higher due to tensions in the Middle East.
Brent crude futures jumped about 3% on reports that the U.S. military had thwarted Iranian missile attacks targeting Bahrain, Kuwait, and other locations in the region.
There is considerable uncertainty over U.S.-Iran negotiations aimed at ending the war and reopening the Strait of Hormuz, a critical waterway for the energy market globally.
U.S. Secretary of State Marco Rubio said that Iran has mined 'large segments' of the Strait of Hormuz and peace talks could take several months to conclude. Rubio also told the Senate Foreign Relations Committee that Iran's supreme leader Mojtaba Khamenei is alive and increasingly active at some level.
The benchmark DAX was down 272.76 points or 1.09% at 24,844.10 at noon.
Deutsche Bank drifted down more than 4%. Fresenius slid 3.2% and Symrise shed nearly 3%. Volkswagen, Mercedes-Benz, Rheinmetall, Scout24, Heidelberg Materials and Porsche Automobil Holding lost 2%-2.6%.
SAP, BMW, MTU Aero Engines, Deutsche Teleko, Continental, Gea Group, Vonovia, Adidas, Siemens Healthineers, Allianz and Siemens fell 1%-1.9%.
RWE moved up nearly 3%. E.ON and Zalando gained 1.6% and 1.3%, respectively. Siemens Energy and Daimler Truck Holding posted moderate gains.
In economic news, data from S&P Global showed Germany's Composite PMI was revised higher to 48.8 in May from a preliminary of 48.6 and compared to 48.4 in April, but continuing to signal a second straight month of contraction in private sector activity.
The services sector PMI reading came in at 48.1 in May, compared to 46.9 in April, while the manufacturing PMI was 50.1 in May, down from 51.4 a month earlier.
The S&P Global Eurozone Composite PMI was revised higher to 48.5 in May from a preliminary of 47.5 and compared to 48.8 in April. The Services PMI score was 47.7 compared to 47.6 a month earlier, while the manufacturing PMI came in at 51.6 compared to 52.2 a month earlier.
Data from Eurostat showed producer prices in the Eurozone rose 0.6% month-on-month in April 2026, following a 3.4% surge in March. On an annual basis, producer prices advanced 4.9% in April, the strongest increase since March 2023.
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