Frankfurt's DAX 40 fell 0.5% to around 24,700 on Thursday, lagging behind its European peers, as traders focused on earnings reports and corporate updates. SAP dropped 12%, the biggest daily fall since October 2020, as weaker-than-expected cloud sales and lower 2026 revenue guidance overshadowed in-line Q4 revenue. Deutsche Bank also slumped 2% despite reporting robust financial results for Q4 2025, with significant year-over-year growth in pre-tax profit and net profit. The bank is under investigation by the Federal Criminal Police, with authorities having conducted searches at its Frankfurt and Berlin offices on suspicion of money laundering. Meanwhile, the German government on Wednesday reduced its growth projections for 2026 and 2027, reflecting concerns that both external challenges and weak domestic momentum are holding back Eurozone's largest economy, despite policy efforts to stimulate activity.