FX.co ★ DAX Extends Losses

Frankfurt's DAX index declined, trading around 23,150 on Tuesday, concluding a nine-day upward streak. This downturn was attributed to an unexpected development in a German Parliament decision, where conservative leader Friedrich Merz did not achieve the parliamentary majority needed to become chancellor. This outcome posed a challenge to his newly formed alliance with the center-left Social Democrats. The Bundestag now faces a 14-day period to elect a new chancellor with a clear majority. Investor attention remained divided between the ongoing earnings season and anticipation of the Federal Reserve's imminent monetary policy announcement. In the corporate sector, Hugo Boss shares surged nearly 7% after surpassing revenue expectations. Fresenius Medical Care saw a rise of over 4%, with first-quarter results exceeding market forecasts for the world's largest dialysis specialist. Continental experienced a 2.4% increase, reporting its highest sales figures in four years. Additionally, online fashion retailer Zalando announced better-than-expected first-quarter sales and reaffirmed its full-year forecasts.