The key index in the German market experienced a decline on Friday as investors adopted a more cautious stance, following a significant upward movement the previous day, which was attributed to the easing of geopolitical tensions after U.S. President Donald Trump’s remarks at the World Economic Forum in Davos. Market participants evaluated the most recent PMI figures and responded to various corporate announcements. The DAX experienced a decline, falling to 24,802.87 earlier in the session, and was recently down 49.14 points or 0.2%, standing at 24,827.10.

• Siemens Energy experienced an increase of nearly 2%.
• SAP experienced an increase of 1.85%, while Bayer saw a rise of 1.15%.
• Deutsche Telekom, Munich RE, RWE, and Allianz recorded slight increases.
• Adidas experienced a decline of approximately 3.4%. Zalando experienced a decline of approximately 1.8%.
• Deutsche Bank, Qiagen, Deutsche Post, Infineon Technologies, Merck, and Beiersdorf experienced declines ranging from 1 to 1.5%.

Shares of chemical giant BASF experienced a decline of 1.25% following the company’s indication of weaker earnings. Siemens Healthineers, Deutsche Bank, Daimler Truck Holding, Henkel, Fresenius Medical Care, GEA Group, Siemens, Porsche Automobil Holding, and Heidelberg Materials experienced declines ranging from 0.5% to 1%.

Data released indicated that the HCOB Flash Germany Composite PMI increased to 52.5 in January 2026, marking its highest level in three months, up from 51.3 in December and significantly exceeding expectations of 51.6. The services sector PMI increased to 53.3 in January, up from 52.7 the previous month, whereas the manufacturing PMI registered at 50.5, an improvement from 48.3.