Overview

• Futures point to a softer DAX open after a 0.4% slide to 23,632 on Wednesday, keeping the index rangebound around 23.7–23.85 thousand below key resistance.
• The fall of France’s government continues to cloud regional risk sentiment, with investors watching OAT–Bund spreads after recent widening.
• US rate-cut bets remain elevated, with CME FedWatch showing roughly 91.6% odds of a 25 basis-point move, and tech benchmarks near records after Oracle’s surge lifted the S&P 500 to a new high.
• Commodity prices stay elevated, with Brent crude hovering near $67 a barrel following a smaller-than-expected OPEC+ output increase and gold holding close to record levels after the Qatar strike.
• Notable corporate drivers include Oracle’s results boosting SAP and Siemens Energy, Deutz raising about €131 million to fund a drone deal, Rheinmetall expecting to sign a Skyranger delivery for Ukraine at DSEI, Apple debuting a thinner iPhone 17 Air, and reports of Starlink buying EchoStar spectrum for about $17 billion.