The Dax continues to struggle to stabilize around the 12,000 point mark. Three quarters of an hour after the start of trading, the leading German index was up one percent on Friday at 12,096 points. In the course of the weak week so far, the Dax had rushed to the level of November 2020 at 11,862 points.
The MDax recovered by 1.5 percent to 22,111 points. For the index of medium-sized companies, it had even gone down to the level of April 2020 at 21,612 points over the course of the week. The leading eurozone index, the EuroStoxx 50, rose 0.9 percent in the morning.
Among the individual values, papers from Porsche AG continue to be in focus. The day before, Volkswagen's sports car subsidiary celebrated the largest German IPO since Telekom in 1996 in the midst of tense financial markets.
VW preferred and ordinary shares as well as the papers of its major shareholder Porsche SE Automobil Holding drifted apart in the morning after suffering from disappointment with the valuation of Porsche AG the day before. VW preferred shares and Porsche SE securities have now recovered, while VW ordinary shares, which carry voting rights, lost some ground.
The shares of Adidas and Puma showed significant weakness. US competitor Nike disappointed the night before. Increased logistics costs and a strong dollar are slowing down business. At the same time, inventories are skyrocketing and are being reduced with the help of discounts, among other things. Nike shares are down 9 percent in after-hours trading.