FRANKFURT (dpa-AFX) - The prospect of possibly soon falling key interest rates in the USA did not help the Dax on Thursday. A rate cut by the Fed in September is a scenario that market participants had already considered the most likely before the interest rate decision the day before. Interest rate-sensitive technology stocks had risen significantly in the USA the previous day. Investors in Germany, however, took their cue from the weaker stock markets in Asia.

Around midday, the leading German index lost 0.98 percent to 18,327.05 points. At times, it fell below the 100-day line for the medium-term trend, which had served as support in recent days. The MDax of medium-sized companies fell by 0.47% to 25,253.93 points. The Eurozone's leading index, the EuroStoxx 50, lost 0.9 percent.

European stock markets followed the weaker trend in Asia, despite the Fed's signals for monetary easing. Economic data had weighed on the markets there and uncertainty about the further development of the Chinese economy was increasing, wrote analyst Pierre Veyret from broker ActivTrades. However, he does not see the price losses as a particular threat. Fluctuations on the market remained high as expected and ups and downs during an eventful week in the middle of the summer season should not worry investors too much, he wrote. Analyst Jochen Stanzl from trading house CMC Markets spoke of a continuation of the rocking stock market.

The daily agenda this Thursday is well filled with quarterly and half-yearly reports, some of which moved share prices sharply. DHL Group shares, for example, lost 4.8 percent at the back of the Dax. The sluggish global economy caused the logistics company to suffer a drop in profits in the second quarter. However, the share price was weighed down above all by the Group's cautious statements on the third quarter. This is now causing investors to doubt whether DHL will be able to exceed the lower end of its annual targets.

The car manufacturer BMW earned less than expected in the second quarter due to increased competition in the important Chinese market. "Not exactly impressive," was the reaction of analyst Patrick Hummel from UBS to the quarterly figures. The shares lost 2.9 percent.

Truck manufacturer Daimler Truck lowered its forecast and, according to traders, by more than expected. The share price fell by 2.4 percent.

Shares in flavor manufacturer Symrise fell by 2.1 per cent. According to analyst Georgina Fraser from Goldman Sachs, the second quarter was rather disappointing compared to competitors.

In contrast, an increased margin forecast following a strong quarter boosted MTU. At plus 6.2 percent, the shares of the engine manufacturer are gradually moving back towards their record high.

Germany's largest residential real estate group Vonovia again posted losses in the first half of the year, but is becoming more confident about its targets for the year. The shares rose by 4.1 percent.

Hugo Boss investors rewarded the fashion group's increased focus on cost development. The shares gained 4.6 percent in the MDax./ajx/jha/

--- By Achim Jüngling, dpa-AFX ---