The DAX 40 was little changed at around 26,150 on Thursday, holding close to its recent record highs. Traders continued to monitor corporate earnings while keeping a close eye on developments in the Middle East, hoping a deal between the US and Iran could be nearing. Meanwhile, tech and AI-related stocks saw renewed pressure. Among key movers, Deutsche Telekom gained over 5% after announcing it had increased its 2026 share buyback program by €3 billion to a total of up to €5 billion. Meanwhile, Siemens dropped more than 5% after its quarterly results failed to impress investors, despite posting record industrial profit and a record level of new orders. Rheinmetall fell nearly 1%, as it lowered its 2026 sales outlook after the German government cancelled a delayed frigate programme that the company has been widely expected to win, even reporting a nearly 70% jump in second-quarter sales.