FX.co ★ DAX Fails to Hold Gains

Frankfurt's DAX index decreased by 0.4% to close at 24,473.1 on Thursday, after reaching an intraday peak of 24,639.1. This decline occurred as investors awaited further details on a possible trade agreement between the United States and the European Union, in addition to anticipating the upcoming earnings season next week. EU Trade Chief Sefcovic has indicated that notable progress has been made towards establishing a framework agreement with Washington, with a formal deal potentially being revealed in the coming days. The negotiations are focusing on measures to bolster the EU automotive sector, which include reducing tariffs and setting import quotas. Global trade tensions have intensified following President Trump's announcement of 50% tariffs on copper and Brazilian imports slated for implementation starting August 1. In an effort to further unsettle the market, President Trump dispatched an additional seven tariff-related letters to trading partners, adding to the 14 sent earlier in the week, signaling potential new tariffs on the horizon. On the corporate scene, Commerzbank was the biggest decliner with a 4% loss, followed by Siemens Energy at a 2.6% drop and Allianz down by 2.2%, while pharmaceutical and automotive stocks posted stronger performances.