The German benchmark index advanced by 0.7 percent to 24,480 points. On Thursday, quarterly figures from SAP, which were received with disappointment, had pushed the Dax down by more than two percent. Today, the leading index is trying to limit the damage, says Christian Henke from broker IG. "The question, however, is whether this is merely a short-term counter-reaction."
Discussions about the successor to Fed Chairman Jerome Powell could also contribute to caution. U.S. President Donald Trump is set to name a candidate on Friday. Former Fed Governor Kevin Warsh has apparently emerged as the favorite. The list of candidates includes a total of four people. All advocate for lower interest rates, which Trump had made a prerequisite.
On the winning side of the Dax at the end of the week was Adidas, up 4.8 percent. Unlike major U.S. rival Nike and Puma, the world's second-largest sporting goods manufacturer continues to grow at an unabated pace. In the past year, revenue surged by ten percent on a currency-adjusted basis to a record 24.8 billion euros. Puma shares gained 2.7 percent following the Adidas figures, making them among the strongest MDax stocks.
(Report by: Daniela Pegna, edited by Myria Mildenberger. For questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
