DAX rises to 25,278 – defence leads, chip stocks weak; slightly lower start seen Tuesday

Data as of: Xetra closing prices Monday, 12 October 2026; outlook for Tuesday, 13 October, as of about 07:15 CEST (Xetra trading starts at 9:00)

The DAX benchmark index (Germany's 40 largest listed companies) closed 0.76% higher at 25,277.68 points on Xetra on Monday, extending Friday's gains. The MDAX (mid-caps) rose 0.38% to 30,104.33 points and the Euro Stoxx 50 gained 0.45% to 6,201.21. The TecDAX added about 0.4%, while the SDAX (smaller companies) slipped about 0.3%. According to dpa-AFX, investors welcomed Chancellor Merz's call for a lower electricity tax. A CMC Markets analyst nevertheless called the recovery shaky, citing worries about financing huge AI investments, high bond yields and expensive energy.

Rheinmetall was the best DAX stock, up 2.5%. According to dpa-AFX, Morgan Stanley sees scope for a year-end rally in defence stocks; in the MDAX, Hensoldt rose 5.8%. Chip stocks were weak: Infineon lost 2.8% and was the worst DAX performer. Volkswagen reported 14.3% fewer third-quarter deliveries (1.87 million vehicles), and 38.5% fewer in China. The shares still rose 0.6%, Dow Jones reported. Deutsche Telekom, which slumped on Friday by almost 8% over SpaceX's entry into the US mobile market, was the most traded DAX stock on Monday. Outside the DAX, Nordex rose 3.9% on strong orders, while Aroundtown fell 5.7% after a Goldman Sachs downgrade.

The euro weakened: the European Central Bank set its reference rate at 1.1181 dollars (Friday: 1.1206). According to dpa-AFX, weak European economic data, worries about France's finances and speculation about higher US interest rates are weighing on the currency.

For Tuesday, broker IG expects a slightly weaker start: according to dpa-AFX (shortly before 07:00), IG indicated the DAX 0.16% lower at 25,237 points. In Asia, chip stocks are falling after sceptical remarks by Broadcom's CEO about AI spending; Tokyo's Nikkei was down 2.2% (finanzen.at, as of 07:11 CEST), and Seoul was down as much as 6.3% according to Dow Jones. At 08:00 the Federal Statistical Office publishes the final September inflation rate (preliminary: 3.3%), and Porsche holds a pre-close call with analysts. From midday, JPMorgan, Goldman Sachs, Citigroup and Wells Fargo report quarterly results. The ZEW index is not due until 20 October.