DAX 40

Key insight

The DAX is trading in a corrective phase — down ~4.4% from its 6 July record high of 25,900 — with the ECB's hawkish-leaning hold and oil-driven inflation fears capping any near-term recovery above the psychologically critical 25,000 level.

The DAX has pulled back more than 4% from its all-time high of 25,900 and closed Thursday below 25,000, weighed down by the ECB's cautious hold at 2.25%, persistently elevated oil prices from the Iran conflict, and today's flash PMI data posing further downside risk.

Main risk

US-Iran Conflict & Elevated Oil at $91/bbl

Brent crude near $91/bbl (live snapshot) sustains inflationary pressure on European corporates and complicates the ECB's easing trajectory, threatening any DAX recovery toward the 25,000–25,150 resistance band.