Frankfurt, February 19, 2026, 15:33 CET — Regular session
- BASF and Airbus dragged German blue chips lower, but Vonovia moved up following an upgrade.
- European risk appetite stayed in check as oil climbed on U.S.-Iran tension.
- Friday’s flash PMI surveys are next up on traders’ radar as they look for fresh growth signals.
The DAX dropped 0.9% to 25,041 points as of 15:13 CET this Thursday, hurt by losses in Airbus and a soft patch for cyclicals. MDAX edged down 0.5%, with TecDAX off by 0.3%.
European shares slipped in early trade, erasing some gains from Wednesday’s record close as investors balanced earnings updates with mounting geopolitical concerns. The STOXX 600 dipped 0.26%, and Airbus shares lost ground after the company pared back its primary jet output goal, blaming engine supplier Pratt & Whitney for supply chain hold-ups. Yet, sentiment on earnings has brightened: LSEG data shows that quarterly profit forecasts have rebounded notably since the start of the month.
Frankfurt’s index leans hard on exporters and industrials, so any jolt in energy prices or supply chains hits fast. Traders are watching the next round of activity surveys closely. PMIs offer a rapid take on business pace — readings north of 50 point to growth.
Airbus lost 6.9% on the DAX. BASF slipped 2.1%. RWE dropped 2.6%, BMW finished off by 2.2%. Vonovia gained 1.6%, and Fresenius Medical Care picked up 1.8%, helping offset some of the broader losses for the index.
BASF shares came under more pressure after a downgrade from Barclays, which lowered its rating on the chemicals group to “underweight” and slapped on a 40-euro price target. The bank flagged a valuation that offers scant buffer for any negative surprises. Earnings from BASF arrive February 27. Investing.com
Vonovia moved the other way. Morgan Stanley bumped up Germany’s largest residential landlord to “equal-weight” from “underweight,” setting a price target of 30 euros. The bank cited likely debt cuts under new CEO Luka Mucic. Vonovia’s full-year numbers are due March 19. Investing.com Nigeria
Utilities drew attention after Germany’s cartel office flagged that dominant players like RWE are making the market more dependent on imports and raising supply risks. “Upcoming power plant tenders could determine market concentration for decades to come,” Bundeskartellamt president Andreas Mundt said. Reuters
Outside Germany, oil’s move higher was enough to put a brake on risk appetite. Brent crude traded roughly 1.5% stronger, hovering near $71.41 a barrel. Matt Britzman, senior equity analyst at Hargreaves Lansdown, noted the oil spike was “dampening sentiment more broadly,” with added uncertainty from U.S.-Iran tensions. Reuters
Still, German stocks could run into trouble if energy prices climb again, threatening margins and stirring up inflation worries. Energy-heavy manufacturers would feel the heat first, along with rate-sensitive sectors that only recently found some footing following last year’s ups and downs.
Friday brings the next data point: HCOB flash PMI surveys for France, Germany, and the euro zone are set to land, giving a quick look at February demand just before the weekend.
