DAX Drifts Lower As Investors React To Results, Geopolitical News

(RTTNews) - The German market is showing weakness on Thursday, as investors remain cautious, reacting to a slew of earnings announcements, and continuing to watch the developments on U.S.-China trade front, as well as news from the geopolitical front.

EU countries today formally adopted a 19th package of sanctions against Russia for its war against Ukraine that includes a ban on Russian liquefied natural gas imports.

"It's a significant package that targets main Russian revenue streams through new energy, financial, and trade measures," the Danish rotating presidency of the EU said.

The benchmark DAX was down 100.32 points or 0.42% at 24,057.45 a little while ago.

SAP is down 2.5%. On Wednesday, the company announced that it posted earnings of EUR2.051 billion, or EUR1.71 per share, in the third quarter of the current financial year, compared with EUR1.441 billion, or EUR1.24 per share in the year-ago quarter.

Infineon Technologies is down 1.8% and Heidelberg Materials is losing about 1.7%. Vonovia, Brenntag, Merck, Siemens, GEA Group, Fresenius Medical Care, Deutsche Post, E.ON, Siemens Healthineers and RWE are down 0.7 to 1.25%.

Siemens Energy is gaining 2.7%. MTU Aero Engines, Rheinmetall, Mercedes-Benz and Fresenius are up 1 to 1.5%.

Commerzbank, Volkswagen, Deutsche Boerse and BMW are up 0.4 to 0.75%.

MTU Aero Engines is rising 1.5% on higher earnings. The aircraft engine manufacturers reported a net income of EUR 250 million, or EUR 4.63 per share, for the third quarter, compared to EUR 211 million, or EUR 3.90 per share, in the year-ago quarter.

The company now anticipates a mid-twenties percentage increase in adjusted EBIT for 2025, hitting the upper end of the previous guidance range, and free cash flow of between 350 million euros and 400 million euros.

Beiersdorf is up nearly 1%. The company's total sales in the third quarter were 2.35 billion euros, a drop of 0.9% from last year, but a growth of 1.7% organically.

Rheinmetall, Mercedes-Benz and Fresenius are up 1 to 1.25%. Commerzbank, Volkswagen, Deutsche Boerse and Deutsche Bank are up with modest gains.