FRANKFURT (dpa-AFX) - A disappointing quarterly report from Deutsche Bank and weak economic data weighed on prices on the German stock market on Wednesday. After two strong days on the stock exchange, the Dax turned down again and lost 0.92 percent to 18,387.46 points. The ups and downs of the leading German index, which began in May, thus continued between around 18,000 points and the record high of just under 18,900 points. The MDax of mid-cap blue chips fell by 0.94% to 25,059.42 points.

In the eurozone, corporate sentiment fell to its lowest level for five months in July. In German industrial companies, it even fell to its lowest level in nine months. "The business outlook remains bleak, especially in industry. Cost pressure has increased again," wrote economist Johannes Mayr from asset manager Eyb & Wallwitz. "The outlook for the second half of the year has deteriorated significantly," wrote economist Robin Winkler from Deutsche Bank.

On top of this, two of the so-called "Magnificent 7" group in the US had disappointed with their balance sheets the previous evening: Tesla and Google holding Alphabet. When members of this top 7 group fail to meet expectations, "it drags the entire market down", said portfolio manager Thomas Altmann from QC Partners.

Deutsche Bank shares fell by 8.3 percent to the bottom of the Dax. For the first time in four years, the financial institution reported a quarterly loss. In addition, CFO James von Moltke hinted that there will probably not be a second round of share buybacks this year.

Rheinmetall gained 0.45 percent. Higher military spending by Western countries and a takeover had resulted in a jump in profits for the armaments group, which was higher than analysts had expected. In addition, the Executive Board was somewhat more optimistic about the year as a whole.

At building software manufacturer Nemetschek, profitability is likely to suffer from the takeover of US company GoCanvas, which caused the MDax share to fall by 4.3 percent. Hugo Boss lost 3.4 percent, weighed down by weak business figures from French luxury giant LVMH.

In the SDax of small blue chips, the shares of paint and insulation material manufacturer Sto slumped by almost 20 percent. The company is suffering from the sluggish construction sector and drastically cut its profit forecast.

Baywa ended the free fall of the previous seven days of losses for the time being. The agricultural group is in a precarious financial situation, and now the holding company of the Bavarian Volksbanken and Raiffeisenbanken wants to support Baywa as its largest shareholder. The shares rose by 6.6 percent.

Varta fell by a further 26 percent. This means that the shares of the hard-hit battery manufacturer have lost almost 86 percent within three days.

Share prices fell across Europe. The EuroStoxx 50 lost 1.12 percent to 4,861.87 points. In Paris, the Cac 40 fell by a similar amount. The London FTSE 100 closed only moderately in the red. In the USA, the Dow Jones Industrial lost 1 percent at the end of trading in Europe.

The euro last traded at 1.0856 US dollars. The European Central Bank had set the reference rate at 1.0848 dollars.

On the bond market, the current yield fell from 2.48 percent the previous day to 2.44 percent. The Rex bond index rose by 0.17 percent to 124.97 points. The Bund future gained 0.11 percent to 132.32 points./bek/he

--- By Benjamin Krieger, dpa-AFX ---