The DAX opened almost unchanged on Tuesday. By about 9:30 a.m. the benchmark was quoted at roughly 22,550 points, a 0.1 percent drop from the previous day’s close. Scout24, Deutsche Börse and SAP topped the list of gains, while Siemens Energy, Infineon and BASF were at the bottom of the losers.
Chief market analyst Jochen Stanzl of Consorsbank noted that the index could “benefit a bit from the fact that a new bottom in the downward trend since the start of the war was avoided at the beginning of the week”. He cautioned that this is more a technical bounce than a sign of a real plateau. “The DAX is as far from finding a base as the Iran war is from a quick end” he added.
Stanzl warned that the market’s calm is deceptive, pointing to a pronounced sector rotation beneath the surface. “In particular, AI stocks are under strong selling pressure. The war is pushing energy prices higher and fanning fears of a resurgence in inflation” he said. These worries weigh heavily on technology shares, as the multi‑billion‑dollar expansion of AI data centres becomes more expensive. Stanzl also flagged growing concern about a possible helium shortage that could hit supply chains in the sector.
In currency markets, the euro was a touch stronger in the morning, trading at 1.1467 USD per euro (equivalent to 0.8721 EUR per dollar). Oil prices advanced; a barrel of North Sea Brent crude was trading around $113.40 at 9 a.m. German time, 65 cents-or 0.6 percent-higher than the previous day’s close.