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DAX 30 Tumbles 1% As Tech Stocks Fall
(RTTNews) - German stocks are notably lower Monday morning, hurt by sharp losses in the technology sector on earnings concerns following China's low-cost startup DeepSeek's emergence as a powerful AI model.
Investors, who are looking ahead to policy announcements from the Federal Reserve and the European Central Bank this week, are worried about the outlook for growth and international trade due to U.S. President Donald Trump's tariff threats.
The benchmark DAX 30, which tumbled to 21,109.66, was down 214.44 points or about 1% at 21,171.18 a little while ago.
Siemens Energy is plunging 17%. The company is a significant provider of electric hardware for AI infrastructure.
Infineon is down 4.4% and Siemens is lower by about 4%. Rheinmetall is declining 3%. SAP is down 1.6%, while HeidelbergCement, Puma and MTU Aero Engines are down 0,6 to 1.1%.
Vonovia, E.ON., Hannover Rueck, Volkswagen, Deutsche Telekom, Symrise, Allianz, Munich RE, Qiagen, Zalando and Continental are gaining 1 to 2%.
Beiersdorf, Porsche, Henkel, Fresenius and Bayer are also notably higher.
A report from Ifo Institutue said that its business climate indicator for Germany edged up to 85.1 in January, from 84.7 in the previous month.
The current conditions gauge rose to 86.1 from 85.1, above forecasts of 85.4 while the sub-index for business expectations edged down to 84.2 from 84.4, matching forecasts. The services sector is improving while manufacturing declined again but the stagnation in the Germany economy continued, according to the Ifo President.
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