The DAX 40 edged lower to around 26,200 on Wednesday, reversing modest gains in the prior day, as investors turned more cautious ahead of Nvidia’s earnings report and the start of the central bankers’ meeting in Jackson Hole. Meanwhile, ongoing Iran-Oman talks over the reopening of the Strait of Hormuz eased concerns about energy supply, sending oil prices and bond yields lower. Among stocks, software giant SAP dropped over 3%, making it the worst performer, after UBS downgraded the stock to Neutral from Buy, citing slow progress in agency AI and weaker cloud backlog growth.