Tariff Hopes Boost DAX - All-Time High Within Reach

Signs of a thaw in the US-China tariff dispute put DAX investors in a buying mood on Friday.

The DAX climbed as much as 1.8 percent to 22,897 points, bringing its mid-March all-time high of 23,476.01 points back within striking distance. The EuroStoxx50 gained 1.5 percent. "Trade talks have now taken center stage instead of tariffs," said Thomas Altmann of QC Partners. According to China's Ministry of Commerce, Beijing is open to discussions on the tariff conflict after the US reached out to China on the issue. This marks the first signal from the People's Republic of a possible de-escalation in the trade war, following the US's recent imposition of a 145 percent tariff on Chinese goods. China responded with counter-tariffs of 125 percent.

If the tariff dispute is truly eased, it should provide further support for stock prices, according to Jochen Stanzl of CMC Markets. US Secretary of State Marco Rubio stated that a meeting with China is expected soon, where "everything will be on the table." Since returning to the White House in January, US President Donald Trump has imposed steep special tariffs on nearly all major trading partners. The resulting recession fears sparked days of turbulence across global stock markets in April.

COPPER PRICE SURGES

On the commodities markets, tariff optimism spurred a buying spree among copper investors. The industrial metal jumped as much as 2.2 percent to $9,409 per ton. Among oil investors, however, skepticism grew as the day wore on. "The situation remains very fragile and unclear," said Harry Tchilinguirian of Onyx Capital, referring to possible progress in trade negotiations. Prices for Brent crude and US WTI oil both retreated after initial gains of around 0.6 percent, settling at $61.74 and $58.82 per barrel, respectively. The greenback also failed to benefit from cautious signs of rapprochement between China and the US. The dollar index fell as much as 0.6 percent to 99.6290 ahead of keenly awaited US jobs data in the afternoon, after hitting a three-week high of 100.375 on Thursday. The euro rose 0.6 percent to $1.1355.

AIRBUS TAKES OFF AFTER EARNINGS

On the corporate front, Airbus stood out in the DAX with a 5.1 percent gain. The European planemaker delivered higher operating revenue and profit in the first quarter of 2025. Bayer shares advanced 4.9 percent following a buy recommendation from Bank of America. Siemens Energy shares also climbed after Facebook parent Meta announced plans to ramp up spending on new data centers in the race for AI technology. Shares in the energy technology group, which benefits from rising electricity demand due to the AI boom, rose 4.6 percent. Shares in Schneider Electric and Italian cable maker Prysmian gained 3.9 and 4.4 percent, respectively. According to one trader, the planned increase in AI investment also boosted chip stocks. In the MDax, Aixtron shares jumped 7.5 percent, while Siltronic in the SDax rebounded nearly eight percent from recent losses.

On the London Stock Exchange, Shell managed to impress investors despite lower profits. Shares in the British oil major rose 3.2 percent. The company posted a first-quarter net profit of $5.58 billion, down 28 percent year-on-year, but still beating analyst expectations surveyed by Shell.

(Report by: Daniela Pegna. Edited by Olaf Brenner. For inquiries, please contact our editorial team at [e-mail] (for politics and economics) or [e-mail] (for companies and markets).