Overview

• The DAX was indicated 0.2% lower at about 23,558, remaining below its 21‑day average and stuck in a mid‑23,000s trading range roughly 1,000 points under its record.
• US stocks retreated after Powell’s remarks offered little policy clarity, with the Dow down 0.2%, the S&P 500 off 0.6% and the Nasdaq lower by 0.9%.
• Nvidia’s plan to invest up to $100 billion in OpenAI and the separate ‘Stargate’ initiative by OpenAI, Oracle and SoftBank to build five US AI data centers with about 25,000 jobs continue to underpin global tech sentiment.
• German autos remain a drag after profit warnings from Porsche and Volkswagen, as DAX changes took effect with Scout24 and Gea entering and Porsche AG and Sartorius exiting.
• Attention turns to Germany’s ifo business climate index, with economists expecting a rise to 89.3 from 89.0 in August.