FX.co ★ DAX Trims Some Losses

On Friday afternoon, Germany's DAX narrowed its earlier losses of over 2%, trading around 23,880. This recovery was buoyed by quarterly results from regional banks that alleviated some of the concerns surrounding the US banking sector. Additionally, there were indications of easing tensions in US-China trade relations, with President Trump labeling the current tariffs on Chinese goods as "not sustainable" and announcing plans to meet with President Xi Jinping in South Korea in the coming weeks. Despite these developments, banks and financials remained pressured, notably including Deutsche Bank (-5.1%), Commerzbank (-3.3%), Allianz (-3.9%), Münchener Rück (-2.3%), and Hannover Rück (-1.5%). Defense firms like Hensoldt (-2.8%) and Rheinmetall (-1.9%) also experienced headwinds ahead of a scheduled meeting in Hungary between US President Donald Trump and Russian President Vladimir Putin to discuss the ongoing conflict in Ukraine. Meanwhile, automotive shares received a boost from Continental, which surged nearly 10% following the release of stronger-than-expected preliminary Q3 results.