German DAX Hits Record Despite July CPI Jump To 2.8%

(RTTNews) - German stocks climbed higher Wednesday morning despite data showing an acceleration in the nation's consumer price inflation in the month of July. Investors also digested the most recent batch of corporate earnings updates and looked ahead to U.S. inflation data due later in the day.

Worries about geopolitical tensions limited market's upside. The U.S. and Yemen's Iran-aligned Houthis reported separate attacks on shipping, raising concerns over further supply disruptions and denting prospects for ending the months-old Iran war.

The benchmark DAX, which climbed to a new record high of 26,521.50, was up 113.45 points or 0.43% at 26,508.82 a little while ago.

Siemens Energy climbed 4%. Infineon Technologies moved up nearly 3%. Rheinmetall and Hochtief gained 2.1% and 1.8%, respectively. Heidelberg Materials, Vonovia and RWE gained 1%-1.15%.

Indus Holding rallied 3% after reporting a sharp rise in first half earnings and lifting its full-year 2026 guidance.

Qiagen, Deutsche Boerse, Adidas, SAP, Henkel, Beiersdorf, Deutsche Telekom, Volkswagen and Daimler Truck Holding lost 1%-1.4%.

Brenntag lost 1.25%. Profit attributable to Brenntag shareholders climbed to €179 million or €1.23 per share in the second-quarter, from €42 million or €0.30 per share a year ago. Operating gross profit rose 17.7% to €1.146 billion.

E. ON dropped by about 1.1% despite the company reporting an increase in net income. In the first half, adjusted net income rose 5% to 1.9 billion euros from 1.8 billion euros last year. Looking ahead for fiscal 2026, E.ON expects adjusted Group net income of 2.7 billion euros to 2.9 billion euros, corresponding to adjusted earnings per share of 1.03 euros to 1.11 euros.