FRANKFURT (dpa-AFX) – After seven consecutive trading days of record highs, the DAX paused its rally on Wednesday. Sentiment was dampened somewhat by economic data from the United States, which, according to observers, argue against interest rate cuts by the US Federal Reserve. Overall, however, it was primarily the recent strong upward trend in prices that signaled a need for a breather.

The German benchmark index fell by 0.53 percent to 25,286.24 points. The day before, it had reached another all-time high just above 25,500 points. The MDAX, which tracks mid-cap stocks, declined more sharply by 1.44 percent to 31,774.24 points.

"Behind the records, caution is growing," wrote analysts at Index-Radar. However, even though there was a "quiet pullback" in the US stock market the previous day, there was no talk of capital flight. Nevertheless, the market now increasingly expects stronger stock market fluctuations.

On Wednesday, investors took profits on DAX stocks that have seen above-average gains since the beginning of the year. These included Infineon, Airbus, MTU Aero Engines, and Siemens Energy.

The biggest loser in the DAX was Fresenius Medical Care (FMC), down 6 percent. Analyst David Adlington from JPMorgan pointed in a report on the dialysis specialist to the flu season in the US, which began as early as December and thus earlier than expected. As a result, more treatments were missed.

Bayer led the DAX, gaining 7 percent and reaching its highest level in more than two years. The pharmaceutical and agrochemical group reinforced its growth ambitions in the pharmaceuticals business. "We now have five major blockbuster candidates," said Stefan Oelrich, head of the pharmaceuticals division, at a JPMorgan conference in San Francisco.

RWE rose by 2.3 percent. In a government auction for wind power capacity in the United Kingdom, the German power producer emerged as the clear winner, according to analysts.

In the MDAX, K+S led with a gain of 5.7 percent. Traders pointed to a positive comment from Deutsche Bank regarding competitor Yara, which spoke of a favorable market environment for the fertilizer industry.

Among the smaller stocks, United Internet lost 2.4 percent. The research firm MWB Research withdrew its buy recommendation for the mobile provider's shares.

At the industrial group Schaeffler, investors once again bet on the booming robotics sector. With a 5.2 percent rise, the share price has gained about a quarter in just three weeks. The previous day, the company announced plans to increasingly manufacture parts for humanoid robots in the future.

The EuroStoxx 50 fell by 0.41 percent to 6,005.05 points on Wednesday. Outside the eurozone, however, Switzerland's SMI rose by 0.75 percent, and the British FTSE 100 made slight gains. The New York Dow Jones Industrial Average was slightly lower at the close of European trading./bek/jha/

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