The DAX recovered above the 26,000-point threshold on Friday after four consecutive sessions of declines, rising 0.22% to 26,040 points by midday. The German benchmark index had struggled to hold the psychologically significant level before rebounding, though it remains on track for a weekly decline of 1.5%.
Rising bond yields weighed on the index earlier in the week, but the DAX has held above its 21-day moving average, maintaining a short-term uptrend from a technical perspective. The MDax for mid-cap stocks advanced 0.77% to 31,960 points, while the Euro Stoxx 50 gained 0.2%.
Support came from a rebound in U.S. equities following the previous day’s losses, while Asian markets provided mixed signals. Japan’s Nikkei 225 and South Korea’s Kospi moved in opposite directions, reflecting divergent performance among technology-heavy regional benchmarks.
The four-day DAX losing streak was the longest since April, though asset managers noted that trading volumes remained subdued. "Yesterday’s volume was the second-lowest of the year," said Thomas Altmann, portfolio manager at QC Partners. "Investors are taking profits only selectively."
Corporate earnings updates added to the day’s volatility. Fielmann slumped 6.8% to €37.95, its lowest level since spring 2023, after the German optical retailer trimmed its full-year outlook for revenue and adjusted EBITDA to the lower end of its guidance range. Analysts had previously expected consensus estimates to exceed the company’s new targets, and Fielmann’s forecast for accelerated second-half sales growth failed to reassure investors.
CTS Eventim reported a double-digit percentage increase in second-quarter revenue and adjusted EBITDA, but growth slowed compared with the start of the year. The ticketing and events group’s margins disappointed, and its shares fell as much as 9.5% before paring losses to 1.4% despite a reiterated full-year outlook.
Healthcare stocks came under pressure after Fresenius reduced its stake in dialysis provider FMC by 7.8 million shares, worth roughly €300 million, representing 2.9% of FMC’s share capital. Fresenius shares slipped 0.3% in a weak sector environment, while FMC declined 1.3%.
Commodity-linked equities rebounded on signs of stronger policy support from China. Thyssenkrupp rose 4.2% to €13.20, and Salzgitter gained 5.6% as Beijing signaled plans to boost fiscal stimulus in response to softer July economic data. Citigroup upgraded Thyssenkrupp’s price target to €20, maintaining its buy recommendation.
