Frankfurt’s DAX index exhibited a cautious trading pattern on Friday, remaining largely directionless by midday. Around 12:30 PM local time, the benchmark index was calculated at approximately 24,170 points, 0.1 percent below Thursday’s closing level.
Market analyst Andreas Lipkow noted that investors appeared to be adopting a wait-and-see approach following a volatile week. The potential for unforeseen developments over the weekend is contributing to a degree of caution and limiting buying activity.
Shares of companies which experienced selling pressure in recent days were attracting some interest, potentially driven by short covering. Conversely, insurance stocks and traditionally defensive sectors such as telecommunications and pharmaceuticals were facing selling pressure.
Munich Re saw particularly significant losses, with shares down nearly six percent by midday after its quarterly earnings failed to satisfy investor expectations. Hannover Re also posted substantial declines.
The Euro weakened modestly during Friday afternoon trading, reaching a value of 1.1634 US dollars. Consequently, one US dollar was trading for 0.8595 Euros.