DAX Extends Losses

Frankfurt’s DAX 40 fell 0.7% to below 23,800 on Thursday, the lowest since Mid-April, marking the ninth straight session of losses. Investors digested the latest developments in the Middle East conflict and monitored a raft of corporate earnings and economic data, while awaiting the ECB policy decision later in the day. Oil prices climbed after reports that the US was considering further military action against Iran, fueling concerns over escalating tensions and prolonged supply constraints. Banks, financials, energy-sensitive industrials and consumer cyclicals were the most pressured. Among earnings reporters, BASF fell 0.5% on weaker Q1 profits, while Volkswagen slipped 0.3% following weaker-than-expected first-quarter profit. Porsche AG fell 0.5% after posting a drop in revenue while reaffirming its full-year guidance. Meanwhile, MTU Aero Engines released first-quarter results that exceeded analysts’ expectations.

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