Germany's equity market finished the week on the back foot, with the DAX sliding 1.13% at the close in Frankfurt to register a new three-month low. Broader indices also weakened - the MDAX dropped 0.48% and the TecDAX declined 1.51% - as losses clustered in the Technology, Chemicals and Construction sectors.
Among DAX-listed names, Rheinmetall AG (ETR:RHMG) was one of the few risers, adding 2.94% or 45.50 points to end at 1,592.50. Scout24 AG (ETR:G24n) advanced 2.76% or 2.00 points to close at 74.45, while Beiersdorf AG O.N. (ETR:BEIG) rose 1.89% or 1.56 points to finish at 84.10.
On the downside, Infineon Technologies AG NA O.N. (ETR:IFXGn) posted one of the steepest declines on the day, falling 6.81% or 2.88 points to 39.42 at the close. Bayer AG NA (ETR:BAYGN) slipped 3.67% or 1.39 points to 36.39, and Deutsche Bank AG NA O.N. (ETR:DBKGn) lost 3.55% or 0.99 points to finish at 26.92.
The MDAX session saw several winners, led by RENK Group AG (ETR:R3NK) which climbed 7.13% to 55.71. IONOS Group SE (ETR:IOSn) gained 4.89% to settle at 23.60, and Aroundtown Property Holdings PLC (ETR:AT1) was up 4.24% to close at 2.70. Conversely, Lanxess AG (ETR:LXSG) tumbled 17.36% to 13.52, Wacker Chemie O.N. (ETR:WCHG) dropped 7.67% to 66.25, and Redcare Pharmacy NV (ETR:RDC) declined 4.80% to 42.08.
Within the TecDAX, IONOS Group SE (ETR:IOSn) again featured among the strongest performers, rising 4.89% to 23.60. TeamViewer AG (ETR:TMV) increased 3.74% to 4.77, and Atoss Software AG (ETR:AOFG) added 3.37% to finish at 92.00. Infineon Technologies AG NA O.N. (ETR:IFXGn) was the weakest in the tech-focused index, down 6.81% to 39.42. SUSS MicroTec SE (ETR:SMHNn) lost 5.62% to 52.10 and Elmos Semiconductor AG (ETR:ELGG) fell 4.26% to 139.40.
Market breadth in Frankfurt was tilted toward declines, with 401 stocks closing lower compared with 215 advancers, and 34 names unchanged.
Two companies reached notable multi-year lows during the session. Shares of Lanxess AG (ETR:LXSG) fell to five-year lows, down 17.36% or 2.84 to 13.52. Redcare Pharmacy NV (ETR:RDC) dropped to three-year lows, falling 4.80% or 2.12 to 42.08.
Volatility moved higher as well. The DAX volatility index, a gauge of implied volatility for DAX options, rose 15.64% to 26.29.
Commodity markets showed significant moves. Gold futures for April delivery were quoted up 1.26% or 63.79 to $5,142.49 a troy ounce. Crude oil for April delivery climbed 11.44% or 9.27 to $90.28 a barrel, while the May Brent contract rose 8.36% or 7.14 to trade at $92.55 a barrel.
In foreign exchange trading, EUR/USD was essentially unchanged, moving 0.04% to 1.16, and EUR/GBP was flat within a 0.38% change to 0.87. The US Dollar Index Futures fell 0.36% to 98.95.
Market context and observation
Friday's session was characterized by outsized moves in names tied to technology and chemicals, driving the main indices lower while selective industrial and property stocks posted gains. The rise in the DAX volatility index coincided with a broad divergence between winners and losers across the DAX, MDAX and TecDAX.