DAX Slips As Middle East Tensions Hurt Sentiment

(RTTNews) - The German stock market is notably lower on Thursday amid prospects of fresh military actions by the U.S. against Iran and a sell-off in the technology sector. Investors also reacted to fresh earnings updates and other corporate news.

After the United States launched a new wave of attacks in multiple locations across Iran on Wednesday night, Iran retaliated by launching fresh attacks on U.S. military bases in neighboring Gulf States.

The Iranian government warned the U.S. it would "key targets" in the Middle East if its infrastructure is targeted.

The benchmark DAX was down 161.90 points or 0.65% at 24,856.91 a few minutes before noon.

Infineon Technologies shed about 2.5%. E.ON and RWE drifted down by 2.3% and 2.2%, respectively.

Daimler Truck Holding, Siemens Energy, Adisas, Qiagen, Hannover RE, Rheinmetall and Fresenius Medical Care lost 1%-1.7%. Vonovia, Merck, Volkswagen, Deutsche Post, MTU Aero Engines and Fresenius slid 0.7%-0.9%.

Delivery Hero shares fell about 1% as Uber Technologies launched a public takeover offer to acquire the German food-delivery company for €41.50 a share.

BASF climbed about 0.6% after raising its full-year outlook for EBITDA before special items.

Hochtief, Siemens Healthineers, Deutsche Bank and Commerzbank posted modest gains.