DAX tumbles 1.3% as Heidelberg Materials leads heavyweight losses
Thursday saw a broad market loss in Germany's DAX index, with heavyweights like Heidelberg Materials, SAP, and Deutsche Börse each dropping around 4%. The index closed at 23,734 points, down 1.3%. The decline was partly due to profit-taking following Heidelberg Materials' quarterly report, with the company's shares losing about 5% in value. Meanwhile, Zalando experienced a notable gain of around 9.7%, bucking the trend. Early losses in U.S. markets also impacted the sentiment in the DAX. Despite gains by Deutsche Post and Zalando of over 7% each, they failed to offset broader losses. The euro strengthened against the dollar, trading at $1.1538 by the afternoon. Concerns over overvaluation and correction risks contributed to the DAX's decline. However, trade policy uncertainties may pose fewer problems than initially feared, according to fresh data.
