DAX 40

Key insight

The DAX is staging a sharp recovery from the ~25% pullback off the 25,900.10 record high, with SAP's blowout Q2 results and easing US-Iran tensions acting as twin catalysts — the next decisive test is reclaiming 25,500 on a closing basis to reopen a run back toward the all-time high.

The DAX has surged +1.02% to 25,344.85, breaking above Friday's close of 25,099 and closing in on the key 25,500 July swing resistance, powered by SAP's +10% earnings beat and a recovering Eurozone PMI that confirmed Germany leading the bloc's return to growth in July.

Main risk

US Tariffs on EU Imports

New US tariffs on imports from 60 trading partners including the EU remain in force, directly threatening margins at DAX export heavyweights such as Volkswagen (already -2.4% on earnings) and Siemens, with any escalation risking a renewed leg lower toward the 24,000 support zone.