FX.co ★ DAX Moves Lower

The DAX 40 slipped to around 26,200 on Wednesday, erasing the modest gains recorded in the previous session, as investors adopted a more cautious stance ahead of Nvidia’s earnings release and the start of the central bankers’ symposium in Jackson Hole on Thursday. At the same time, ongoing talks between Iran and Oman on reopening the Strait of Hormuz helped ease worries over energy supply, pushing both oil prices and bond yields lower. On the corporate front, software heavyweight SAP fell more than 3%, making it the index’s worst performer, after UBS cut its rating to Neutral from Buy, citing slower-than-expected progress in agency AI and weaker growth in the company’s cloud backlog.