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DAX Remains Weak Despite Coming Off Early Lows
(RTTNews) - Despite recovering from early lows, the German market continues to languish in negative territory around noon on Thursday with auto stocks reeling under pressure following U.S. President Donald Trump announcing 25% tariffs on all car and auto part imports effective next week.
The U.S. President has also warned that more levies will be imposed on the EU if it retaliates with countermeasures.
According to reports, the German government and the auto industry have condemned the tariffs by the U.S., and plan for swift negotiations to avoid a trade war.
The benchmark DAX, which tumbled to 22,470.15 earlier in the session, was down 128.82 points or 0.56% at 22,718.60 a little while ago.
Porsche is down by about 3.1%. Mercedes-Benz is lower by 2.9%, Continental is down 2.1% and BMW is declining 1.8%. Volkswagen is down with a loss of 1.4%.
Siemens Energy is down 2.7%, BASF is lower by 1.7% and Infineon is losing 1.6%. Bayer, Adidas, Commerzbank, SAP, Deutsche Bank, Airbus Group, MTU Aero Engines and Hannover Rueck are down 0.5 to 1.4%.
Zalando is rising 4.3%, and Henkel is gaining 1.3%. Vonvoia, E.ON, Beiersdorf, RWE, Siemens and Allianz are up with modest gains.
Henkel has moved up a bit . The chemical firm has voluntarily recalled 1,068 units of its Tec Italy Shampoo Totale.
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