BRUSSELS (dpa-AFX) - Despite coming off early lows, the German market remained in negative territory a little before noon on Wednesday, weighed down by sharp losses in auto stocks.
The mood in the market remained cautious with investors looking ahead to the U.S. Federal Reserve's monetary policy announcement due later in the day, and the signing of a Iran peace deal in Switzerland later this week.
The benchmark DAX was down 37.73 points or 0.16% at 24,876.91 about half an hour before noon, after having dropped to 24,760.72 earlier.
BMW dropped nearly 7% after the automajor announced that it has trimmed fiscal 2026 outlook, mainly citing negative development in China, impact of conflict in Middle East, and a one-time charge due to intensified and accelerated structural and efficiency measures.
For the full year, the company now projects significant decrease in group profit before tax from the previous year, compared to previous estimate of moderate decrease.
Mercedes-Benz shed about 3%, while Volkswagen and Porsche Automobil Holding lost 2.2% and 1.7%, respectively. Daimler Truck Holding drifted down 0.8%.
Deutsche Telekom dropped about 2%. Brenntag lost 1.7%, Munich RE shed 1.4% and Hannover RE drifted lower by about 1%. SAP, Fresenius Medical Care, E.ON, Vonovia, Siemens Healthineers and Deutsche Post also lost ground.
Zalando climbed 3.6% and Bayer moved up 2.7%. Commerzbank and Symrize both gained about 1.75%. Gea Group, Heidelberg Materials, Deutsche Bank, Rheinmetall, Beiersdorf, Scout24 and MTU Aero Engines advanced 1%-1.4%.
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