DAX to watch in July: VW, Rheinmetall, Deutsche Bank, Zalando

The DAX has risen about 15% from its low this year and has formed an inverted head-and-shoulders pattern as it approaches a potential retest of its all-time high at 25,510.

Volkswagen’s shares have fallen to levels last seen in 2010. In June the company was reported to be weighing major layoffs and plant closures, a process complicated by strong unions in Saxony. The company is also said to be winding down its autonomous-vehicle unit after large prior investment. Volkswagen will publish quarterly results on July 24, when management is expected to detail cost measures, any strategic changes and updated guidance. The stock remains a target for short sellers.

Rheinmetall’s shares retreated after the German government cancelled the F126 frigate contract, citing spiraling costs. The stock fell to about €897, its lowest since February last year and around 55% below the company’s record high. Rheinmetall will report results on August 8; the company’s outlook and any reallocation of resources will be in focus amid ongoing defence spending decisions in Europe.

Deutsche Bank has gained more than 25% from its March low and will publish quarterly figures in July. The bank reported a pre-tax profit of €3.0 billion and net profit after tax of €2.2 billion in the first quarter. Management has indicated a continued focus on shareholder returns, and the upcoming report should show whether recent momentum continued across its divisions.

Zalando rose from a year-to-date low of €18.65 to a June high of €26.93 before pulling back after the German financial regulator opened an investigation into its 2025 financial statement. The regulator cited evidence of potential breaches of accounting rules related to disclosures around Zalando’s acquisition of About You. Zalando will publish results on August 4, when investors will look for explanations and any adjustments to prior reporting.

Traders will also monitor other large-cap DAX companies, including Siemens Energy, Bayer, Commerzbank and BMW, for earnings updates or changes to outlooks. Company results, regulatory announcements and macroeconomic data are expected to influence market positioning in July.

Key dates on the corporate calendar include Volkswagen’s results on July 24, Deutsche Bank’s July report and August publication dates for Zalando and Rheinmetall. Each scheduled report may provide details on near-term earnings and management plans to address operational or regulatory issues.