DAX Today: German Stock Market Edges Lower as Investors Wait for US Data and Nvidia Earnings (17 November 2025)

Germany’s blue‑chip DAX 40 started the new week on a cautious note. After opening a touch above 23,900 points, the index slipped back toward the 23,750–23,800 zone on Monday, leaving it modestly in the red as traders stayed on the sidelines ahead of a heavy calendar of US economic data and closely watched earnings from AI chip giant Nvidia. ^[1]

Despite today’s hesitation, the DAX is still sitting on a gain of almost 20% for 2025 and only a few percentage points below its record high near 24,800 set in October. ^[2]

DAX snapshot for Monday, 17 November 2025

Intraday level: Real‑time quotes showed the DAX fluctuating around 23,750–23,800 points, roughly 0.3–0.6% lower on the day by late morning in Frankfurt. ^[3]
Opening tone: Pre‑market indications had pointed to a nearly unchanged start near 23,870 points, and the cash index briefly held above 23,900 before slipping. ^[4]
Year‑to‑date: Even after last week’s pullback, the DAX remains up about 19% in 2025, according to MarketScreener’s real‑time estimate. ^[5]
Volatility: Model‑based measures put expected DAX volatility in the mid‑teens (around 16%), slightly below recent peaks, signalling a market that is uneasy but far from crisis mode. ^[6]

Across the continent, the pan‑European STOXX 600 was down around 0.2% as investors digested last week’s sell‑off and turned their attention to US numbers later in the week. ^[7]

Global backdrop: Fed uncertainty, delayed US data and Nvidia in focus

The cautious tone in Frankfurt reflects a broader global story. European stocks suffered their biggest daily loss in over a month on Friday as investors questioned whether the US Federal Reserve will really deliver another rate cut this year and reassessed lofty valuations in big technology names. ^[8]

A widely followed commentary from dpa‑AFX, published via MarketScreener, notes that: ^[9]

Recent declines have dragged the DAX below several short‑term technical indicators, though it still trades above its 200‑day moving average, a key long‑term support.
The index has made little net progress over the past four months, oscillating around the 24,000 mark after setting fresh records earlier in the year.
Market strategists now see 23,500 points as an important support zone; a decisive break could invite deeper profit‑taking.

Uncertainty has been magnified by the recently ended US government shutdown, which delayed key macroeconomic releases. The US September jobs report—normally old news by mid‑November—will only arrive this Thursday, alongside other pent‑up data that could reshape expectations for Fed policy. ^[10]

Futures for the S&P 500 and Nasdaq were modestly higher on Monday, helped by optimism around Nvidia’s earnings and a surprise stake in Alphabet by Berkshire Hathaway—developments that global investors will watch closely for clues on the durability of the AI‑driven tech rally. ^[11]

For DAX traders, that matters: heavyweight constituents such as Infineon and SAP tend to move in sympathy with global tech sentiment, especially when AI chips are the main story.

China–Germany thaw offers a glimmer of support for exporters

Away from the ticker tape, one of the most important headlines for German equities today came from Beijing, where China’s Vice Premier He Lifeng and German finance minister Lars Klingbeil held a high‑level financial dialogue. The two sides called for closer commercial ties and an end to months of trade tensions, acknowledging how deeply intertwined their economies have become. ^[12]

Key points from the meeting: ^[13]

China remains Germany’s largest trading partner so far this year.
Export curbs on chips and rare earths have badly disrupted some German manufacturers.
Beijing pledged to work with Berlin to foster a “fair, equitable and non‑discriminatory business environment.”
Klingbeil emphasised that Germany and China “can find answers to the challenges of our time” and urged Beijing to help end Russia’s war in Ukraine.

For the DAX, this kind of rhetoric matters. Auto makers, industrial conglomerates and chemical giants derive a significant share of their sales from China; any easing of tensions can support sentiment for names like Mercedes‑Benz Group, BMW, BASF, Bayer and Siemens, all of which are prominent in German indices. ^[14]

Sector movers: defence and energy up, industrial and tech giants lag

Intraday rankings on MarketScreener showed a split DAX: energy and defence names outperformed, while some technology, healthcare and industrial heavyweights slipped. ^[15]

Among the notable gainers: ^[16]

Siemens Energy added around 2%, extending a strong run after recent volatility and ahead of a capital‑markets event later this week.
Rheinmetall and Airbus rose roughly 1–1.5%, benefiting from ongoing strength in the European defence sector, which has been buoyed by large contracts such as Saab’s newly announced fighter‑jet deal with Colombia. ^[17]
Heidelberg Materials and MTU Aero Engines also traded up close to 1%. ^[18]

On the downside: ^[19]

Siemens, DHL Group and Bayer fell between roughly 1.5% and 2%, continuing a pattern in which some cyclical industrials and challenged pharmaceuticals have underperformed the wider index.
Infineon Technologies and Siemens Healthineers also slipped around 1.5–1.7%, as chip and med‑tech names remained sensitive to shifts in interest‑rate expectations and positioning in global growth stocks.

Overall, the sector picture shows a market still favouring defensive growth and beneficiaries of geopolitical realignment, while trimming exposure to richly valued growth stories and companies facing idiosyncratic challenges.

Corporate headlines shaping the German market today

A cluster of corporate news and regulatory filings on Monday helped set the tone for individual names across the DAX and broader German market.

Infineon completes 2025 share buyback

Infineon Technologies, the DAX‑listed chipmaker, announced the completion of its 2025 share buyback programme. Between 15 September and 14 November the company repurchased a total of 750,000 shares on Xetra at an average price of €33.04, for an overall consideration of about €24.8 million. ^[20]

In the week of 10–14 November alone, Infineon bought back 51,868 shares, with daily average prices ranging from roughly €33.6 to €36.7. ^[21]

For investors, the completed buyback underscores management’s confidence in the long‑term story and provides a modest boost to earnings per share—though that was not enough to prevent the stock from trading lower alongside the broader tech complex today. ^[22]

Freenet extends its own share repurchases

Telecoms and digital‑services group freenet AG reported that it repurchased 18,299 shares between 10 and 12 November under its ongoing 2025 buyback programme, with average prices just under €28. The purchases were executed via Xetra through an independent bank. ^[23]

While freenet sits outside the DAX 40, these transactions reinforce a broader theme: German companies are using excess cash to reward shareholders and signal balance‑sheet strength, something that often supports valuations across the market.

Siemens Energy pre‑announces reporting date

Siemens Energy issued a formal pre‑announcement that it will publish its 2025 group annual report for the financial year ending 30 September on 11 December 2025. The company reiterated that the report will be made available on its investor‑relations website and confirmed the usual listing venues for its shares. ^[24]

Given the stock’s sharp swings earlier this year and its importance to the DAX, investors are likely to treat that December date as a key risk event. ^[25]

PSI Software: Private‑equity bid with a hefty premium

In the mid‑cap tech space, Warburg Pincus‑backed Zest Bidco GmbH formally launched the acceptance period for its voluntary public takeover offer for PSI Software SE. ^[26]

Offer price: €45 per share, valuing PSI’s equity at around €702 million.
Premium: roughly 62.6% to the undisturbed three‑month VWAP and 83.7% to the Xetra closing price on 8 October. ^[27]
Acceptance period runs to 15 December 2025, with closing expected in Q1 2026, after which Warburg Pincus intends to delist the company. ^[28]

The deal adds to a growing list of private‑equity transactions in German software and industrial technology, highlighting how strategic and financial buyers see value in segments of the market even as public investors fret about valuations.

Share‑buyback updates from smaller names

Several other German companies released routine updates on their own share repurchase or reporting plans, including Nexus AG, which confirmed that no shares were bought in the latest week under its 2023 buyback, and Deutsche Beteiligungs AG, which disclosed additional transactions in its own shares. ^[29]

While these names aren’t DAX constituents, their steady use of buybacks adds to the shareholder‑friendly backdrop that has helped German equities rerate over the past year. ^[30]

Index reshuffle: Dividend‑focused DAX indices get a makeover

STOXX Ltd. confirmed a major rebalance of the DAXplus Maximum Dividend index, effective today. The index, which is widely tracked by dividend‑focused funds, saw a broad reshuffling across sectors. ^[31]

New additions include:

Auto and industrial names such as Continental, Mercedes‑Benz Group, Siemens, Hochtief, GEA Group, Aurubis and RWE.
Financial and insurance heavyweights Allianz, Hannover Re, Munich Re and Talanx.
Growth‑oriented DAX constituents Infineon Technologies, Siemens Energy, Siemens Healthineers and Airbus. ^[32]

Deletions feature a number of banks, property and consumer names, among them Deutsche Bank, Commerzbank, Adidas, Vonovia, LEG Immobilien, Symrise, TAG Immobilien, Evonik and K+S, plus Deutsche Börse and Volkswagen preference shares. ^[33]

For investors in dividend ETFs and structured products that track this index, today’s rebalance could trigger rotation flows into the newly added large caps and out of the outgoing members, potentially adding another layer of stock‑specific volatility over the coming sessions.

Valuation and sentiment: expensive market, nervous investors

Fundamental data suggest that the German equity market is not cheap after its strong run. According to analysis from Simply Wall St, the overall market (including but not limited to the DAX) is: ^[34]

Up about 1.6% over the past week and 13% over the last 12 months.
Trading on a price‑to‑earnings ratio of roughly 24–25x, well above its three‑year average multiple of about 18x.
Expected to deliver earnings growth around 16% per year over the coming years, even though profits have fallen around 15% annually over the past three years while revenues stayed broadly flat.

In short: prices already imply a decent amount of future good news. That helps explain why markets have reacted so nervously to even minor shifts in Fed expectations and AI‑stock sentiment over the last few days. ^[35]

The week ahead: key risks for DAX traders

Beyond US data and Nvidia’s earnings, German and European investors face a busy corporate and macro calendar: ^[36]

Monday–Tuesday: Capital‑markets events or updates from Siemens Healthineers, Deutsche Bank, Süss MicroTec, Rheinmetall, Rational, GFT Technologies, KWS Saat, RTL Group and SFC Energy.
Wednesday: Nvidia’s quarterly results after the US close, a global sentiment driver for all things AI and semiconductors.
Thursday: Capital‑markets days for Siemens Energy and defence group Renk, plus CTS Eventim results and the US September jobs report, which will finally fill in a key missing macro puzzle piece.
Across the week: Flash PMIs and other business surveys from the eurozone that will shape expectations for the European Central Bank’s next moves. ^[37]

With the DAX still hovering not far below record territory and valuations stretched, incoming data and guidance will likely decide whether November can still salvage a year‑end rally or whether the German market settles into a choppy consolidation around current levels. ^[38]

What this means for investors

For short‑term traders, today’s session reinforces a simple message:

Macro is in the driver’s seat. Rate‑cut odds, US data, and the fate of megacap tech are doing at least as much to steer the DAX as local German headlines.
Sector rotation is alive. Defence, energy and classic dividend plays remain in favour, while parts of tech, healthcare and some heavily indebted cyclicals are under pressure. ^[39]

For longer‑term investors, the picture is more nuanced:

Germany’s market still offers solid earnings‑growth potential and high‑quality exporters that stand to benefit from any easing in China‑related tensions. ^[40]
But with the DAX up about one‑fifth this year and valuations above historical norms, stock‑picking and entry points matter more than they did twelve months ago. ^[41]

As always, this overview is informational only and not investment advice. Anyone considering exposure to the DAX or individual German shares should weigh their own risk tolerance and, where appropriate, seek professional guidance.

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