DAX Modestly Lower In Cautious Trade; Defense Stocks Drift Lower
(RTTNews) - After opening slightly up, the German market retreated Monday morning with investors largely turning cautious, as they continue to assess the impact of U.S. tariffs and the ongoing uncertainty on the geopolitical front.
Investors are looking ahead to the upcoming U.S.-Russia talks this Friday. US President Donald Trump and Russian President Vladimir Putin are scheduled to meet this week, and it is expected that the meeting could help stop the war in Ukraine.
The benchmark DAX, which advanced to 24,269.00 in early trades, was down 74.64 points or 0.31% at 24,118.70 a little while ago.
Defense stocks are weak after U.S. President Donald Trump suggested that a potential agreement to end the more than three-year old conflict in Ukraine could see the swapping of territory by both sides.
Rheinmetall is down by about 4.6%. Hensold is down more than 2% and MTU Aero Engines is down 1.7%.
Energy stock RWE is down 2.7%. Heidelberg Materials and Siemens are also sharply lower.
Shares of steelmaker Salzgitter are down by about 1% after the company widened its Q2 loss and lowered its FY25 outlook.
Deutsche Bank, Infineon Technologies, Continental, Adidas, BASF, E.ON and BMW are down 0.3 to 1%.
Munich RE is gaining nearly 2%. Sartorius, Deutsche Telekom, Volkswagen, Vonovia, Bayer and Henkel are up 1 to 1.3%.
Deutsche Boerse, Fresenius Medical Care, Porsche Automobil Holding, Merck, Beiersdorf, Fresenius and Commerzbank are advancing by 0.4 to 0.8%.
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