Further gains are expected on the German stock market on Friday.

An hour before the start of trading, the X-Dax DE000A0C4CA0 signaled a 0.7 percent higher opening for the Dax DE0008469008 at 23,805 points, which would extend the German leading index's weekly gain to almost two percent. The Eurozone stock market barometer EuroStoxx 50 EU0009658145 also showed a positive start.

At the higher expected level, the DAX would rise above the 21-day moving average, but would still remain just below its weekly high from Tuesday, when the ceasefire between Israel and Iran had pushed it up to just under 23,813 points. Since then, sentiment on the stock market has also improved in the US: There, the S&P 500 US78378X1072, the second leading index, had already come close to a record high the previous evening. The tech-heavy Nasdaq 100 US6311011026 had already begun its record run on Wednesday.

Meanwhile, the situation in the Middle East has receded somewhat into the background, and investors are currently putting aside fears surrounding tariff disputes. Instead, the focus is once again on the megatrend of artificial intelligence, NATO's spending targets, and Germany's infrastructure plans, which also cost billions.

Added to this is the issue of monetary policy. According to a press report, US President Donald Trump could make a succession plan for the US Federal Reserve Chairman well before Jerome Powell's term ends. Investors have therefore speculated that a so-called shadow chairman will be created. According to foreign exchange expert Michael Pfister of Commerzbank, this would also increase the likelihood of earlier interest rate cuts.

"Certainly, some positives have already been priced into current prices, and there is still a certain risk of a correction on the technical side," Helaba said in its morning commentary on Friday. And in the tariff dispute between the EU and the US, July 9, when Donald Trump's tariff pause ends, is fast approaching. European companies then face tariffs of 50 percent on their exports to the US.

In Germany, shares of sportswear manufacturers Adidas DE000A1EWWW0 and Puma DE0006969603 both gained almost three percent in premarket trading on Friday, after competitor Nike US6541061031 presented its quarterly report the previous evening after the US stock market closed. After a brief negative reaction, Nike's share price rose by as much as eleven percent in after-hours trading in New York – according to traders, in the hope that sales growth had reached a low point.

Shares of Knorr-Bremse (DE000KBX1006), on the other hand, were down 3 percent in premarket trading due to two analyst downgrades. In addition to Citigroup's withdrawn buy recommendation, JPMorgan also downgraded the stock to "neutral." JPMorgan's analyst Akash Gupta sees little further upside potential for the brake manufacturer after a strong performance.