Germany’s blue‑chip DAX retreated on Thursday as a heavy sell‑off in Siemens outweighed pockets of strength in healthcare and defense. At the Xetra close, the DAX finished down 1.39% at 24,041.62, its sharpest one‑day percentage drop since Oct. 17, 2025. The broader STOXX 600 also slipped, with investors pivoting to incoming U.S. macro data after Washington’s shutdown ended. Morningstar+1
Market snapshot
- DAX: 24,041.62 (‑1.39%), with intraday pressure building into the close. finanztreff.de
- STOXX 600: closed ‑0.6% at 580.67; Germany lagged peers as industrials fell. Reuters
- Winners/losers:Merck KGaA +4.9%, Renk +7.2%, while Siemens −9.4% after results and portfolio news. Reuters
Siemens-led sell‑off drags Frankfurt lower
Siemens shares tumbled after the company posted a mixed fiscal Q4—industrial profit and net income came in below consensus—even as full‑year free cash flow and sales were strong. The group also unveiled plans to deconsolidate Siemens Healthineers, reducing its stake from about 67% to ~37% via a direct share spin‑off to Siemens AG investors, a move pitched as sharpening focus on automation, software and mobility. The earnings miss and “spin‑off math” prompted profit‑taking across industrials. Reuters+2Reuters+2
Siemens’ official press release confirmed the intended 30% distribution of Healthineers shares to Siemens AG shareholders, subject to regulatory and shareholder approvals, with more details expected in early Q2 2026. Management reiterated a progressive dividend policy for Siemens after deconsolidation. Siemens Assets
Bright spots: Merck beats; Deutsche Telekom and BASF deliver headlines; Allianz turns upbeat
Merck KGaA advanced after reporting a Q3 earnings beat, driven by life sciences and semiconductor‑linked demand. The company confirmed 2025 guidance, with the stock among the DAX’s top performers. Reuters+1
Deutsche Telekom nudged guidance higher as Q3 EBITDA AL landed broadly in line with company‑pooled expectations, keeping telecoms resilient amid the industrial sell‑off. Reuters
BASF added medium‑term corporate intrigue: it formalized plans to list its Agricultural Solutions unit in Frankfurt as a European company (SE) by 2027 and named a new management board for the business—another step in the portfolio’s streamlining. BASF+1
Late in the session, Allianz raised its full‑year 2025 operating‑profit guidance to €17.0–€17.5 billion after strong nine‑month operating results (€13.1 billion), providing an offset to rate‑sensitive financials. The firm is slated to report detailed Q3 figures on Friday, 14 Nov. Reuters+1
Defense names were mixed, though the tape stayed news‑heavy around the sector: German budget committee approval for the 2026 defense budget and special‑fund plan underscored ongoing procurement momentum that has supported Rheinmetall this year. Investing.com
Macro drivers: soft euro‑area output, firmer Bund yields, and a U.S. data deluge ahead
Fresh Eurostat figures showed euro‑area industrial production up 0.2% m/m in September (1.2% y/y), softer than expected, with Ireland’s swing again distorting the aggregate. Germany’s component improved, but the headline disappointed. European Commission+1
In rates, 10‑year Bund yields edged higher (≈2.65%–2.68%), reflecting firmer global yields and attention to upcoming U.S. releases that could re‑anchor Federal Reserve expectations—a backdrop that often pressures equity valuations for duration‑sensitive names. TradingView+1
Policy chatter added color: Bundesbank chief Joachim Nagel—an ECB Governing Council member—kept central‑bank succession talk in the headlines in a Spiegel interview, though the near‑term rate stance remains data‑dependent per recent ECB communications. Reuters+1
Stock‑by‑stock highlights
- Siemens (SIE): Q4 industrial profit of €3.19 bn missed the company‑compiled consensus; sales rose 6% on a comparable basis. Shares were the day’s major drag on the DAX. Reuters
- Siemens Healthineers (SHL): Set to see free float increase if Siemens completes the planned spin‑off of 30% of shares to Siemens AG investors. Siemens Assets
- Merck KGaA (MRK GY): Q3 EBITDA €1.67 bn vs. €1.56 bn expected; stock rallied. Reuters
- Renk (R3NK): Gained after confirming full‑year guidance, part of a defense‑heavy tape. Reuters
- Deutsche Telekom (DTE): Slightly below Q3 core‑profit expectations but lifted full‑year outlook. Reuters
- Infineon (IFX): A day after results, management raised 2026 sales ambitions for AI‑power markets while staying cautious on autos; shares were little changed today. Reuters
- BASF (BAS): Progressed its Agricultural Solutions separation/IPO path and leadership; timetable points to a 2027 listing. BASF
Why it matters
The combination of company‑specific shocks (Siemens’ outlook and portfolio reshape) and macro uncertainty (euro‑area output softness, higher Bund yields, and a looming U.S. data backlog now that Washington has reopened) created a risk‑off bias in Frankfurt. That mix typically penalizes cyclicals and long‑duration industrials more than healthcare and defense, which is precisely how the DAX factor map printed today. Reuters+2European Commission+2
What’s next
- Friday, 14 Nov: Allianz Q3 report and webcast; investors will parse underwriting trends and capital returns after today’s guidance lift. Allianz.com
- ECB publications & speakers: This week’s Economic Bulletin (Issue 7/2025) and recent Governing Council commentary keep the policy debate live as markets watch inflation drift toward 2%. ecb.europa.eu
- U.S. data catch‑up: A wave of delayed releases could whipsaw global rates and equities; Frankfurt will feel the spillovers. Reuters
Bottom line
Berlin’s market closed decisively lower as Siemens’ slide set the tone, but Merck’s beat and Allianz’s guidance hike showed not all corporate news is pointing south. With Bund yields creeping up and euro‑area output underwhelming, the DAX enters Friday focused on insurer earnings and the incoming U.S. data dump that could reset risk appetite into next week.
Sources: market closes and intraday sector moves from Reuters and exchange/market data providers; company results and statements from corporate releases and wire services, all dated Nov. 13, 2025 unless otherwise noted.
