Mercedes-Benz, which holds a 4% weight in the $DAX, reported a 64% plunge in earnings in its core car division due to reduced demand from Chinese consumers amid a weakening economy. This follows the company's second earnings guidance cut this year. Both Mercedes-Benz and Porsche have pledged to strengthen cost cuts in response to the sharp declines in quarterly profits. Additionally, Philips has lowered its sales outlook for 2024, citing significant deterioration in demand from China, according to Reuters.