The DAX 40 slipped about 0.5% to around 25,300 on Tuesday, its lowest level since July 24 and a second consecutive session of losses. The decline was led by banking stocks, as persistent pressure from elevated global bond yields and rising oil prices weighed on the market.
Deutsche Bank and Commerzbank fell 3.2% and 1.2%, respectively, after Bank of America CEO Brian Moynihan warned of a 10% decline in third-quarter fee income. Investor focus also shifted to the upcoming US Federal Reserve interest rate decision on Wednesday, with markets largely expecting further monetary tightening.
Technology shares remained under pressure as well, with Infineon Technologies down 0.8%, following renewed calls from industry leaders to slow the pace of AI development. Other notable decliners included BASF (-2%), Daimler Truck (-1.6%), Vonovia (-1.5%), and Brenntag (-1.3%).
