FX.co ★ DAX Down for 2nd Day

Germany's DAX index experienced a 0.8% decline, hovering around 23,800 on Friday. This marked its second consecutive downturn, influenced by overnight declines on Wall Street. Investor sentiment was negatively affected by uncertainties regarding the Federal Reserve's forthcoming policy decisions and growing apprehensions over the high valuations in the technology sector.

Corporate earnings remained a focal point, with Deutsche Bank emerging as the biggest loser on the index, dropping more than 3.5%. Investors were keenly anticipating CEO Christian Sewing’s upcoming three-year strategy presentation, set for Monday. Infineon Technologies saw a 3.2% decrease, while SAP fell by 2%, reflecting wider losses in the information technology sector.

Conversely, Siemens Energy shares surged over 9%, nearing a record high since its separation from Siemens AG five years ago. This came on the back of robust third-quarter results and an upward revision of its mid-term financial targets. Additionally, Siemens Energy announced its first dividend in four years. Allianz gained 1.1% following the release of record-breaking results over the first nine months of the year. Overall, the DAX was on track to register a weekly gain of approximately 1.2%.