The DAX in Frankfurt pared its early gains and slipped into negative territory on Wednesday, closing 0.4% down at 23,627, as sentiment turned cautious ahead of crucial US inflation data and the European Central Bank's monetary policy announcement on Thursday. Meanwhile, ongoing optimism over potential Fed easing helped counterbalance worries about global conflicts and French politics. On the trade front, US President Trump has reportedly pressed the EU to enforce 100% tariffs on India and China over their Russian oil imports. Among equities, SAP gave back earlier gains, which had been boosted by Oracle’s strong performance, dropping 2.9% after investors reassessed the results and noted they came from a segment in which SAP is not positioned. Other top losers included Beiersdorf (-2.2%), Deutsche Telekom (-2.2%), Symrise (-2.1%) and Continental (-2.1%). On the upside, Siemens Energy led the gains, rising nearly 5%, followed by defense stocks such as Rheinmetall, which gained 3.3%.