German stocks ended Thursday's session under pressure, pushed down by declines in several sectors led by software, technology and construction. At the close in Frankfurt the benchmark DAX fell 2.13% to register a new one-month low, while the MDAX lost 1.22% and the TecDAX dropped 3.86%.
Index movers and sector flow
Among DAX constituents, Siemens AG Class N (ETR:SIEGn) was one of the session's few gainers, finishing up 2.01% or 5.05 points at 255.95. GEA Group AG (ETR:G1AG) added 1.60% or 0.95 points to close at 60.50, and Vonovia SE (ETR:VNAn) rose 1.55% or 0.38 points to 24.83.
Downside pressure was concentrated in several large-cap names. SAP SE (ETR:SAPG) declined 16.07% or 31.52 points to close at 164.62, marking a significant retreat for the software giant. Infineon Technologies AG NA O.N. (ETR:IFXGn) fell 3.73% or 1.62 points to finish at 41.80, while Scout24 AG (ETR:G24n) dropped 3.33% or 2.85 points to 82.75.
Mid- and small-cap action
On the MDAX, DWS Group GmbH & Co KgaA (ETR:DWSG) was the top performer, climbing 10.11% to 63.15. flatexDEGIRO AG (ETR:FTKn) gained 3.02% to settle at 41.62 and Aurubis AG (ETR:NAFG) rose 2.56% to close at 164.00.
MDAX laggards included IONOS Group SE (ETR:IOSn), which fell 8.11% to 27.20, Puma SE (ETR:PUMG) which lost 7.84% to end at 21.52, and AUTO1 Group SE (ETR:AG1G) which slipped 5.56% to 27.50.
Within the TecDAX, Deutsche Telekom AG Na (ETR:DTEGn) managed a small gain of 0.81% to 27.47, while Freenet AG NA (ETR:FNTGn) was up 0.40% at 30.18. 11 AG (ETR:1U1) declined 0.74% to 26.80. Among the laggards, SAP SE (ETR:SAPG) again featured prominently with its 16.07% fall to 164.62, IONOS Group SE (ETR:IOSn) lost 8.11% to 27.20, and Siltronic AG (ETR:WAFGn) dropped 7.25% to 51.80.
Market breadth, highs and lows
Decliners outnumbered advancers on the Frankfurt Stock Exchange by 380 to 236, with 38 stocks unchanged. Several individual stocks moved to notable price thresholds: SAP SE fell to 52-week lows at 164.62; Scout24 AG also hit a 52-week low at 82.75. In contrast, DWS Group GmbH & Co KgaA reached an all-time high of 63.15, flatexDEGIRO AG set an all-time high at 41.62, and Aurubis AG climbed to an all-time high of 164.00.
Volatility and commodities
The DAX volatility index, which reflects implied volatility on DAX options, ticked up 5.83% to 17.75.
In commodities, Gold Futures for April delivery lost 0.40% or 21.20 to reach $5,319.00 a troy ounce. Crude oil for March delivery rose 3.20% or 2.02 to $65.23 a barrel, while the April Brent contract advanced 2.85% or 1.92 to trade at $69.29 a barrel.
Foreign exchange and dollar index
FX moves were modest: EUR/USD was effectively unchanged, moving 0.03% to 1.19, while EUR/GBP was unchanged by 0.01% to 0.87. The US Dollar Index Futures was down 0.14% at 96.14.
Takeaway
Thursday’s session saw broad-based weakness in German equities, with larger mid- and small-cap names showing mixed performance while technology and software names pushed key indices lower. Volatility rose and commodities showed divergent moves, with oil stronger and gold weaker. Market participants will note the concentration of the session’s losses in software, technology and construction-related names.