DAX loses 1.7% on the week: France, oil and AI doubts weigh – MTU and Telekom slide

Data as of: Xetra closing prices Friday, 23 October 2026 (last trading day before the weekend), weekly change 16–23 Oct; as of about 07:30 CEST on Saturday, 24 October

These are Friday's closing prices – there is no trading on Saturday. The DAX, Germany's benchmark index of its 40 largest listed companies, closed 0.75% lower in Xetra trading at 25,181.65 points. That is a weekly loss of 1.7%. The MDAX (mid-sized companies) fell 0.70% to 29,876.31, the SDAX (smaller companies) 0.52% to 18,103.62 and the TecDAX (technology stocks) 0.96% to 4,021.34. The Euro Stoxx 50, the eurozone's benchmark, slipped 0.31% to 6,068.22 (week: −2.2%).

According to dpa-AFX, the eurozone purchasing managers' index (a survey of business sentiment) fell more than expected in October. In France, both manufacturing and services dropped below 50 – the line between growth and contraction. Protests and worries about the budget added to the gloom. Dow Jones reported that the yield gap between French and German 10-year bonds widened to levels last seen in the debt crisis. Brent crude rose above 116 dollars a barrel. German industry data were rather upbeat.

MTU Aero Engines was the weakest DAX stock (−4.8%) after poor results from rival Safran. Deutsche Telekom fell 3.2% on worries that SpaceX will enter US mobile telecoms. Infineon (−2.4%) and Siemens Energy (−2.9%) also fell; across the market, doubts over whether costly AI investments will pay off weighed. Beiersdorf (+2.4%) and Heidelberg Materials (+1.7%) gained after strong results at L'Oréal and Holcim. Munich Re raised its profit target, but its shares closed unchanged. Evonik rose 2.7% after Bloomberg reported BASF may pay around 24 euros a share.

The ECB euro reference rate was 1.1193 dollars (Thursday: 1.1205). Next week, the US Federal Reserve and the European Central Bank (ECB) decide on interest rates.