Stock market trading was sluggish on the “bridge day” prompting many market participants to sell their holdings, sometimes at significant discounts. The DAX closed at 23,951 points, marking a notable decline of 2.1 percentage points from the previous day.
Despite the scheduled holiday in Germany, trading did take place, meaning there were likely no major catch-up effects. Investors had been keenly anticipating the visit of US President Donald Trump to China, but the outcome left many questions unanswered. According to Trump, discussions reportedly avoided the topic of tariffs entirely, while China signaled its intention to purchase US goods worth billions of dollars. However, many commentators remain skeptical of these statements made by the US President.
Further uncertainty surrounds the ongoing situation with Iran. Meanwhile, oil prices saw a strong increase: On Friday afternoon, Brent crude oil, sourced from the North Sea, cost $109.00 per barrel, representing a 3.1 percent rise compared to the close of the preceding trading day.
Within the indices, Heidelberg Materials saw particularly sharp drops, falling over seven percent. Shares in Siemens and MTU were also down around five percent. On the positive side, SAP stock was among the few winners, increasing by over two percentage points just before the close. The two reinsurance companies based in Hannover and Munich also showed strength, gaining about three-quarters of a percentage point.
Regarding currency movements, the Eurozone currency weakened on Friday afternoon. The Euro cost $1.1625, making the dollar available for 0.8602 Euros.