The DAX gained 0.4% to 25,981 points on Thursday morning, with an early high of 26,013, after The Democrats won the US midterm elections. The result matched the scenario investors had largely expected, leaving markets with a muted reaction.

US President Donald Trump congratulated the Democrats and said he would not constantly use his veto powers against legislation. Before the vote, analysts had warned that rejecting the result could trigger political turmoil. With Democrats holding majorities in both chambers of Congress, Trump is set to become a lame duck during the final two years of his term.

The elections’ possible effect on the war in Iran remained unclear. Concerns before the vote that the United States and Israel might intensify attacks, pushing oil and gas prices higher, had not yet been borne out. Brent crude for January delivery traded at about $104 a barrel, slightly above the previous day’s level, after briefly falling below $101 on Wednesday. US WTI prices moved similarly.

Investors were also awaiting Eurozone inflation figures due at 11 a.m. Analysts expected annual inflation could reach 4% or more for the first time since September 2023, with high energy costs raising expenses for consumers and businesses across the currency bloc.

Company results shaped trading in individual shares. BMW reported that third-quarter revenue fell nearly 6% and earnings before interest and taxes dropped almost 30%, amid continued difficulties in China. Having warned of weaker results the previous evening, its shares were little changed.

Fresenius shares also barely moved, despite the healthcare group saying stronger business at hospital operator Helios and pharmaceutical division Kabi had made it more confident about the full year. Vonovia rose 0.8% after reporting higher rental income and stronger performance in additional services during the first nine months.

Continental shares gained 5.8% despite lower revenue, as the company faced rising raw-material costs and a weak car market. Online portal operator Scout24 rose 1.4% after growth across its business and acquisitions prompted a more optimistic revenue outlook; its margin forecast was unchanged.

The article headline also reported a sharp rise in Heidelberg shares, but the recovered text provided no further details on the move.

Sources: Handelsblatt.