Dax aktuell: Dax öffnet im Minus und unter 21-Tage-Linie – Inflation in Euro-Zone im Fokus

The DAX index, Germany's key stock market indicator, opened at 26,150 points on Tuesday morning, marking a 0.4% decline. This placed the index below the 21-day line, which measures short-term trends. The 21-day average closing price currently stands at 26,243 points, last breached in July. The DAX dropped 1.2% on Monday, its sharpest daily loss since July 23.

Portfolio manager Thomas Altmann from QC Partners noted that September typically presents a weak month for the DAX, with only one positive performance among the past six years. However, Altmann highlighted a positive balance for August, which also showed a decline. Andreas Lipkow, chief market analyst at CMC Markets, remained calm, stating that while investors become more cautious, the overall market sentiment remains positive.

Tensions between the US and Iran have increased concerns about supply disruptions, driving oil prices up. Brent crude for November delivery rose 1.2% to $91.58 per barrel, while US Light Oil (WTI) for October delivery increased up to 1.6% to $87.09. US President Donald Trump threatened additional strikes on Iran after a direct confrontation between the two nations on Sunday for the first time in a month.

The risk of damage to energy infrastructure in the Persian Gulf also increased. German government bonds continue to rise, further burdened by a global wave of sovereign bond sales. The record rally in the DAX was abruptly halted, according to Jochen Stanzl, chief market analyst at Consorsbank, "Germany is doubly hit as yields rise sharply despite being lower than in the US."

The rising oil price adds to inflation and interest rates: the yield of the influential 10-year government bond increased by 0.5%, while the 2-year bond, especially sensitive to interest expectations, jumped by 0.3%. Altmann warned of the increasing burden on governments worldwide, stating, "We see yields that partly exceed those from the Euro crisis era.

Now both governments and the capital market face a real hard test." Early negative impulses hit the German stock market even before trading began, with Germany's retail sector unexpectedly reporting a sales decline in July. Adjusted for price increases, sales fell by 3.4% month-over-month, according to the Federal Statistical Office on Tuesday.

Analysts were surprised by the setback. They had expected a 0.5% increase. At 11 a.m., the German Services Purchasing Managers' Index for August is expected to remain above the critical 50-point threshold, indicating growth. At 11 a.m., Eurostat will release a preliminary estimate of inflation for August, expecting a slight increase from 2.9% to 3.3%, with the core rate, excluding energy and food, expected to stay unchanged at 2.5%.

Looking at individual stocks, Merck's shares benefited from a HSBC upgrade in pre-market trading but lost about 0.9% at market open.