Midday finds Dax struggling, Bayer bucking common trends
DAX in Frankfurt/Main Experiences Significant Decline
The DAX, Germany's leading stock index, is trading down more than 1%, near the 23,700 level, reflecting losses triggered by heightened trade tensions and risk-off sentiment in Europe.
The decline began early in the trading day on Friday and continued throughout the entire session. The Dax was calculated at approximately 23,685 points around 12:30 PM, but it soon started to slide. By the end of trading, the index had dropped to a level below 23,685 points.
The primary catalyst for this decline was the announcement of new US tariffs, effective August 7, including a 35% tariff on Canadian goods and a 15% tariff on EU imports. This news sent shockwaves through the European market, causing a significant drop in the value of the Dax.
Key components of the Dax, such as Daimler Truck, Siemens Energy, and Merck, saw notable share price drops. Daimler Truck, for instance, experienced a decline of 7%. Other notable declines were seen in Allianz, Airbus, and other major German companies.
As of the mid-afternoon on Friday, the Dax was trading at a level below 23,685 points. The index continued to slide until midday, reaching its lowest level since July 1, close to 23,561 points, down about 2.1% from the previous session.
Since the trading session is still ongoing at 3:09 PM UTC (which is 5:09 PM local Frankfurt time in early August, considering daylight saving), the official close is imminent or just recent. The latest available data reports the DAX near 23,700 points and down about 1-2% for the day, indicative of a negative close close to this range. Complete exact closing figures will be confirmed shortly after market close.
In summary, the current DAX level is around 23,700 points, and today's performance shows a decline of about 1-2%. The decline was mainly driven by US tariff announcements starting August 7, impacting trade sentiment. Key DAX components like Daimler Truck, Siemens Energy, and Merck also saw notable share price drops.
The significant decline in the DAX might be attributed to its impact on various industries, such as finance and business, given the negative sentiment caused by the US tariff announcements on August 7. The ongoing trade tensions have caused losses and share price drops in key DAX components, such as Daimler Truck, Siemens Energy, and Merck.
