06.02.202612:02:03UTC+00DAX Attempts Recovery

On Friday, Frankfurt's DAX 40 index executed a mid-session recovery, closing with a 0.5% increase to rise above 24,600 after a sluggish onset. Global anxiety over AI-induced disruption appeared to diminish, and European markets were further buoyed by their relatively minimized involvement in the tech sector. Meanwhile, investors remained focused on the earnings season. Defense stocks experienced robust demand, highlighted by Renk's impressive 8% surge following BNP Paribas's upgrade of its recommendation to "outperform" from "neutral" for the German defense firm. Likewise, Rheinmetall and Hensoldt saw gains of 4% and 2.7%, respectively. Bayer's stock climbed by more than 2% after the pharmaceutical firm announced successful research findings for its promising drug, Asundexian. Conversely, the automotive sector faced challenges, with Volkswagen, BMW, Mercedes-Benz Group, and Porsche down by 2.8%, 2.3%, 1.8%, and 1.7%, respectively. This decline followed an unexpected announcement by Italian company Stellantis, which disclosed it would incur €22 billion in costs related to an operational restructuring.