DAX rises 0.7 per cent as SAP leads tech gains while Daimler Truck profit drop weighs

The DAX closed 0.69 per cent higher at 26,319.45 on Friday, the CAC 40 added 0.17 per cent to 8,714.93 and the Euro Stoxx 50 rose 0.33 per cent to 6,523.86. All three indices remain within 0.6 per cent of their 52-week highs. Volume across the benchmarks ran at roughly 90 per cent of the 20-day average, suggesting limited conviction behind the advance. Of the 78 German and French names that traded, 48 rose and 30 fell.

• DAX: +0.69% to 26,319.45, volume 0.92x 20-day average
• CAC 40: +0.17% to 8,714.93, volume 0.92x 20-day average
• Euro Stoxx 50: +0.33% to 6,523.86, volume 0.88x 20-day average
• Market breadth: 48 advancers, 30 decliners
• All three indices within 0.6% of 52-week highs

Technology shares lead the risers

SAP

SAP shares rose 4.08 per cent to €177.96 on volume 1.16 times the 20-day average, the strongest single-session gain among the large-cap risers. The move extends a 14.14 per cent advance over five sessions and a 28.99 per cent rise over one month. Even after that run, the stock sits 29.3 per cent below its 52-week high of €251.70, a reminder of how far the shares fell before the current recovery. No specific news item was attached to Friday's move in the data feed, but the one-month trajectory coincides with growing investor focus on enterprise software vendors that are embedding generative AI into their core suites. SAP's cloud revenue backlog and the pace at which customers migrate to S/4HANA Cloud will determine whether the recent momentum translates into earnings upgrades.

STMicroelectronics

STMicroelectronics gained 3.16 per cent to €48.265 on volume 0.72 times its 20-day average, a relatively thin print that suggests the move was not driven by heavy institutional buying. The five-day gain stands at 5.79 per cent, but the one-month figure shows a 17.48 per cent decline, leaving the shares 31.9 per cent below their 52-week high of €70.85. The Franco-Italian chipmaker remains exposed to automotive and industrial inventory cycles that have pressured orders through the first half of 2026. Friday's bounce may reflect short-covering after the sustained pullback rather than a fundamental reassessment.

Infineon

Infineon rose 2.92 per cent to €62.08 on volume 0.74 times average. The five-day gain is 4.39 per cent against a one-month fall of 11.69 per cent, and the stock sits 30.1 per cent below its 52-week high of €88.83. Three news items were reported alongside the move: a partnership with MediaTek on automotive AI systems, analyst target-price upgrades, and commentary questioning whether record AI revenue is already priced in. The German power-semiconductor specialist has been repositioning towards silicon carbide and gallium nitride devices for electric vehicles and data-centre power supplies. The MediaTek tie-up targets the automotive AI controller market, a segment where Infineon competes with NXP and Texas Instruments. Analyst target lifts suggest the Street is revising estimates higher, but the one-month decline shows scepticism about the near-term conversion of design wins into revenue.

Daimler Truck profit drop drives heaviest volume

Daimler Truck

Daimler Truck fell 2.81 per cent to €46.72 on volume 1.94 times the 20-day average, the heaviest relative turnover of the session. The decline follows a reported 48 per cent plunge in second-quarter profit, a figure the company disclosed in its earnings release. The five-day change is -4.09 per cent, though the one-month return remains positive at +10.24 per cent. The shares are 6.7 per cent below their 52-week high of €50.08. The earnings call highlighted strong North American demand but the headline profit drop reflects higher warranty costs, restructuring charges and a weaker European truck market. Separately, the group confirmed plans to build a new plant in the United States, a capital commitment that will affect free cash flow over the next two years. The high volume suggests institutional holders were adjusting positions after the results rather than a purely retail-driven sell-off.

Zalando

Zalando declined 2.11 per cent to €24.61 on volume 1.13 times average. The five-day drop of 14.99 per cent and one-month fall of 5.96 per cent place the shares 19.1 per cent below their 52-week high of €30.43. No specific news was attached to Friday's move. The Berlin-based fashion platform has been navigating a shift from pure marketplace towards a combined retail-and-platform model, investing in logistics and fulfilment services for third-party brands. The sharp five-day decline suggests the market is reassessing the margin profile of that transition, particularly as consumer discretionary spending in the eurozone shows signs of fatigue.

Allianz

Allianz slipped 1.63 per cent to €433.50 on volume 2.12 times the 20-day average, the highest relative volume of any name in the universe. The five-day change is a marginal +0.46 per cent and the one-month gain is 3.58 per cent, with the stock just 2.3 per cent below its 52-week high of €443.90. Two items were reported: a statement that the group delivered a record result and is on track to achieve its targets, and the announcement of a $432.8 million acquisition of UOB's asset management arm. The high volume on a modest price decline may reflect position adjustment around the deal announcement; the purchase price is small relative to Allianz's balance sheet, but the market may be weighing the integration risk and the strategic rationale for expanding in Southeast Asian asset management at a time when fee pressure is rising globally.

Reading across the session

The session's clearest pattern is the divergence between semiconductor and software names on one side and cyclical industrials and financials on the other. SAP, STMicroelectronics and Infineon all advanced, but the volume profile differs: SAP traded above average, while the two chipmakers traded below. That suggests the software rally has broader sponsorship, whereas the semiconductor bounce may be more tactical. All three technology names remain 30 per cent or more below their 52-week highs, underscoring that the sector is still repairing damage from the 2025 correction.

Among the fallers, Daimler Truck's high-volume decline on a profit miss contrasts with Allianz's high-volume dip on a record result and a bolt-on acquisition. The common thread is that both companies are deploying capital, Daimler Truck in a US plant, Allianz in an asset management purchase, at a moment when the cost of capital remains elevated. Zalando's continued slide, now approaching a 15 per cent five-day loss, points to a sector-specific reassessment of European e-commerce models rather than a broad risk-off move.

Market breadth was positive but not emphatic. With benchmarks within half a percentage point of 52-week highs and volume below average, the session reads as a consolidation rather than a breakout. The next test for the DAX comes when the second-quarter reporting season concludes and forward guidance for the second half is fully priced. Daimler Truck's warning on European truck demand and Allianz's fee-margin outlook will be reference points for industrial and financial peers respectively.

Daimler Truck closes the week 6.7 per cent below its 52-week high, while Zalando sits 19.1 per cent off its peak.