Europäische Märkte: DAX testet 25.000, während Chip-Aktien fallen

European markets tread carefully as DAX nears 25,000

European stock markets moved slightly higher by Friday midday, but the gains were modest and trading volumes thin. Many investors appeared to be taking a long weekend around a public holiday, leaving market moves less reliable than usual. Ongoing tensions in the Middle East kept traders cautious: there is no clear path to a ceasefire between the US and Iran, and Hezbollahs rejection of a US-mediated truce between Israel and Lebanon has led to repeated skirmishes along the Lebanon-Israel border.

DAX inches up, big names provide support

The DAX rose about 0.2% to roughly 24,990 points, edging closer to the symbolic 25,000 level. Gains in heavyweight names such as SAP and Rheinmetall helped the index. The Euro Stoxx 50 was essentially flat at around 6,104 points.

Oil prices were quiet. Brent crude edged down 0.2% to about $94.82 a barrel. One calming factor appears to be comments from Kuwaits state oil company, which said that if the Strait of Hormuz blockade were lifted, it could restore nearly 70% of its oil output within six to eight weeks. That expectation may have eased immediate supply concerns.

Semiconductor stocks lead declines

Technology and chip stocks were the weakest group in Europe, falling around 0.8% on average. Negative cues from Asia weighed on sentiment there, where South Koreas Kospi, heavily exposed to AI-related names, plunged about 5.5% on profit-taking. A sharp drop in Broadcom shares after an underwhelming outlook appeared to trigger broader worries about the sustainability of the AI boom.

In Europe, several chip and equipment makers saw steep losses: Infineon fell nearly 5.9%, SUSS MicroTec gave up around 5.6%, Aixtron slid roughly 4.1% and ASML dropped about 3%.

Software stocks show resilience

By contrast, software stocks performed well and showed signs of potential stabilisation. Sentiment toward the sector improved after comments from Nvidia CEO Jensen Huang, who suggested that software suppliers should not be seen as losers in the AI transformation. That message helped lift software names: SAP rose about 1.3%, Atoss Software gained about 1.1% and Temenos climbed roughly 0.4%.

Selected movers and company news

Scout24 was a notable winner, jumping about 4.2% to €77.60 amid improved sentiment and a fresh buy recommendation from Goldman Sachs, which set a €105 price target. Zalando also rallied strongly, up around 4.5%.

In the defence sector, stocks that had been heavily sold earlier regained ground as hopes for a de-escalation in Ukraine surfaced. Rheinmetall gained about 1.1% and Leonardo rose roughly 0.9%.

Corporate news was limited but still mattered for some stocks. Viscom raised its order intake outlook for the year after securing a major contract for battery cell inspection systems, sending its shares up by about 10.4%.

Givaudans majority stake purchase in Eurofragrance was received positively by investors. Analysts at Vontobel estimate the deal could be worth between CHF 600m and CHF 700m on a full takeover basis, and see the move as strengthening Givaudans leadership in fragrances. Givaudan shares climbed around 1.1%.

Geopolitical developments and macro data to watch

There were signs of a possible diplomatic opening in Ukraine after Ukrainian President Volodymyr Zelenskiy publicly proposed a meeting with Russian President Vladimir Putin. US President Donald Trump reacted positively to the proposal, calling a meeting "great" and encouraging it to happen. Market participants will watch closely whether this leads to any tangible steps toward talks.

Later in the day, attention could shift to the US jobs report for May. Economists expect only about 80,000 new jobs, a sharp slowdown from the surprising strength seen in March and April. A markedly weaker payrolls print could influence expectations for US interest rates and global risk appetite.

Market snapshot and outlook

Key European indices were mixed, with the DAX up slightly while the TecDAX lagged after the chip weakness. Currency moves were modest: the euro strengthened a touch versus the dollar at about 1.1636. Gold and other metals traded lower, while Bitcoin slipped on the day.

In a cautious market environment shaped by geopolitical uncertainty and mixed corporate news, investors are watching for clearer signals from upcoming US data and any diplomatic developments that might reduce geopolitical risk. For now, the DAXs flirtation with the 25,000 mark will likely attract attention, but sustaining a move higher will depend on improved investor confidence and firmer global risk appetite.

In conclusion, European markets remain cautious: chip stocks are under pressure, software names are holding up, and macro and geopolitical headlines will determine whether the DAX can cross and sustain the 25,000 threshold.