German Markets Eye DAX Earnings Season as Korea Volatility, SpaceX Numbers, and Nvidia-Merz Meeting Dominate

The Quick Take

• Germany's DAX earnings season kicks off as global volatility signals — including a Korea market crash — weigh on sentiment.
• SpaceX financial results and Nvidia CEO Jensen Huang's meeting with German Chancellor Merz add to the morning's agenda.
• Geopolitical pressures are suppressing Asian equity markets, with spillover risk for European exporters.

European markets opened a key earnings reporting week with multiple global cross-currents to navigate: a sharp selloff in Korean equity markets, the release of SpaceX's private financial results, and a high-profile meeting between Nvidia CEO Jensen Huang and German Chancellor Friedrich Merz. The DAX earnings season commencing this week will test whether German industrials and exporters — many of which generate significant revenue from Asia — are weathering the dual headwinds of Chinese demand uncertainty and elevated energy costs. The overlay of macro volatility from Asian markets creates an uncertain backdrop for European equity open.

Nvidia CEO Jensen Huang's meeting with the German Chancellor is strategically significant — it signals continued interest in positioning Germany's industrial base to benefit from AI infrastructure investment and potentially attracting Nvidia's European compute capacity to Germany. For German companies, AI adoption in manufacturing, automotive, and engineering represents a key productivity and competitiveness lever at a time when the country faces structural economic challenges. The SpaceX financial figures, if released publicly, will set benchmarks for the commercial space sector and influence valuations for European aerospace and satellite technology companies like Airbus and Arianespace.

Watch the opening DAX earnings results for revenue and margin guidance from Germany's largest industrials and exporters, especially those with significant China exposure. The Nvidia-Merz meeting's outcome — whether it produces a concrete AI infrastructure announcement — will be a catalyst for German tech investment sentiment. The macro variable is whether Asian equity volatility stabilises or deepens: a prolonged Korean and broader Asian selloff would compress export revenue forecasts for German auto and industrial companies that derive significant portions of earnings from the region.

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