The DAX 40 edged lower to around 26,200 on Wednesday, reversing modest gains from the previous session as investors grew more cautious ahead of Nvidia’s earnings report and the start of the central bankers’ meeting in Jackson Hole on Thursday. Ongoing Iran-Oman talks about reopening the Strait of Hormuz eased concerns over energy supplies, pushing oil prices and bond yields lower. SAP was the worst-performing stock, falling over 3% after UBS downgraded the software company to Neutral from Buy, citing slow progress in agency AI and weaker cloud backlog growth.