International stock markets performed well overall in the first half of 2026. Following an interim correction amid geopolitical tensions, rising energy prices, and growing concerns about inflation and interest rates, the markets recovered as the second quarter progressed, supported by an easing of geopolitical tensions and robust corporate earnings.
The DAX remained relatively subdued and closed at 24,996 points on June 30, 2026, 2.1% higher than its end-of-year level for 2025. The MDAX rose by 3.9% to 31,809 points and the SDAX by 5.1% to 18,046 points. European stock markets also recorded price gains. STOXX Europe 600 Industrial Goods & Services was up 10.7% to 2,442 points compared with the end of 2025. The major US stock indices also performed well. The Dow Jones Industrial Average rose 8.9% to 52,319 points and the S&P 500 by 9.6% to 7,499 points.
By contrast, the MSCI World Automobiles Index underperformed the broader stock indices due to continued weak automotive demand and trade policy uncertainty. At 393 points on June 30, 2026, it was 11.1% lower than on the last trading day of 2025.
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.