DAX Index Tumbles; German Manufacturing Growth Eases

11:49 AM EDT, 10/01/2026 (MT Newswires) -- German shares fell during the first trading day of the month, with the blue-chip DAX index down 0.87% at Thursday's close, as the market evaluated fresh domestic manufacturing survey results alongside threats of a potential US diesel export ban. According to S&P Global, the final headline German manufacturing PMI came in at 53.9 in September, compared with the flash estimate of 53.8 and the 51-month high of 54.3 in August. "We saw another set of strong PMI numbers for the German manufacturing sector in September, despite the renewed inflationary pressures emanating from global energy markets. The numbers add to the growing narrative that economic conditions are holding up better than expected in the face of elevated energy prices and rising long-term interest rates," S&P Global Market Intelligence Economics Associate Director Phil Smith said. "However, unless we see a material easing of cost pressures, it's difficult to imagine any kind of hiring spree across the sector, with goods producers likely to target productivity improvements to meet demand in the short-term at least." On the geopolitical front, Reuters reported, citing sources close to the discussions, that Washington asked the European Union to release 120 million barrels of diesel over the next six months, singling out key reserve holders Germany and France, to lower US fuel prices before the country's midterm elections in November. The demand comes with a warning that the US may ban its own diesel exports if European allies do not deploy their emergency stocks. As for corporate updates, Fresenius SE (FRE.F) fully acquired biosimilars platform mAbxience Holding after buying the remaining 45% stake from Insud Pharma and Invim Corporativo for up to 750 million euros in cash. Funded through available liquidity and cash flow, the deal follows Fresenius Kabi's initial 55% majority buyout in August 2022. The healthcare company was 2.10% in the red at the end of the session. Meanwhile, Deutsche Bank Research trimmed adidas' (ADS.F) buy-rated stock's price target to 205 euros from 210 euros, noting growing industry headwinds in the third quarter. The German sportswear giant lost 1.65%. "adidas has been a frustrating stock for investors with the stock dragged down by the wider industry dynamics and a lack of earnings upgrades rather than any operational errors. The 14% 1H cFX sales growth was impressive even if this included a benefit from the World Cup (which saw a greater marketing investment than anticipated). The Innovation Day highlighted the depth of management, excitement over the new product pipeline and the technical expertise in the Performance category. Whilst there is still some World Cup benefit to be realised in 3Q we now take a more cautious view on the overall market outlook for 2H. The c.6% cFX guidance given at 1H was viewed as conservative. Now it appears more realistic."