The DAX 40 traded flat to slightly lower around 24,960 in the first session of July, as investors took profits after a strong second quarter and adopted a more cautious stance. The AI-driven tech rally faded, and sentiment was further pressured by a renewed deadlock in US–Iran peace efforts after Tehran ruled out meeting US officials in Doha. Market attention turned to Sintra, where speeches by Fed President Kevin Warsh and ECB President Christine Lagarde are due later in the day.
AI-linked names, retailers, and banks were among the main decliners, while defense stocks outperformed. Adidas (-1.7%) was the weakest performer on the index, mirroring losses in US peer Nike after it signaled a cautious revenue outlook. Hochtief, Siemens, Vonovia, and Siemens Healthineers also traded more than 1% lower, and Infineon Technologies posted only modest gains. In contrast, Rheinmetall advanced 3.2% following reports that Germany plans to ramp up domestic weapons production.
