DAX 40

Key insight

The DAX is staging a remarkable intraday reversal on July 30: opening lower on Adidas's 16% earnings-driven crash and Fed hawkish dissents, it has clawed back to 25,713 (+0.56%), signalling broad index resilience and confirming that single-stock earnings shocks are not derailing the macro recovery narrative.

DAX has recovered strongly to 25,713 intraday — reversing early session weakness driven by the Adidas -16% collapse — as HSBC's fresh "overweight" upgrade on German equities and stronger-than-expected Eurozone GDP data underpin the bullish trend back toward the record high at 25,900.

Main risk

ECB Second Rate Hike Pricing & US-Iran Geopolitical Escalation

Stronger-than-expected Eurozone GDP and elevated German/Spanish CPI have markets pricing an ECB second rate hike in 2026, while renewed US airstrikes on Iran threaten to reignite oil-driven inflationary pressure above the 85 USD/bbl level that has historically weighed on DAX export earnings.