DAX 40

The DAX has rallied ~500 points off its late-July lows on US-Iran de-escalation hopes and mixed-but-resilient earnings, but remains ~550 points below the July 6 all-time high at 25,900 — a decisive reclaim of that level is the next major bull trigger.

The DAX is consolidating below the July 6 all-time high of 25,900 after a sharp 4%+ pullback, with today's -0.55% slip from Tuesday's 3-week high of 25,520 reflecting profit-taking ahead of key macro catalysts rather than a structural breakdown.

Main Risk

Oil price spike on US-Iran re-escalation

Crude oil is up 3.3% today to $81.2, a sharp move that signals renewed Middle East tension risk — a fresh flare-up could reignite inflationary pressure and compress DAX export-sector margins, threatening support at 24,830 (July 20 flat-close level).