The Dax DE0008469008 is heading for a friendly opening on Monday after the moderate previous week.

However, the approaching deadline for a resolution of the trade conflict between the US and EU is likely to curb willingness to buy. According to previous statements by US President Donald Trump, further tariffs on imports from the EU could come into effect starting this Wednesday if the EU does not accommodate him on trade issues.

One hour before trading began, the X-Dax DE000A0C4CA0, an over-the-counter indicator for Germany's leading index, signaled a gain of 0.2 percent to 23,842 points. This would put it slightly higher than the 21-day moving average, which is important for the short-term trend. However, it is still some way off its record high of 24,479 points, reached about a month ago. Its Eurozone counterpart, the EuroStoxx 50 EU0009658145, is also expected to post a slight gain.

"Tariffs are once again at the center of stock market activity and will continue to make life difficult for the DAX," commented portfolio manager Thomas Altmann of Frankfurt-based asset manager QC Partners. "The stock market is speculating as to who the first 12 tariff-related threatening letters will be addressed to. And it cannot be ruled out that the EU will be among the recipients. The tariffs would be an immense burden, especially for export-oriented European economies."

According to traders, the German medical technology manufacturers Siemens Healthineers DE000SHL1006, Carl Zeiss Meditec DE0005313704, and Drägerwerk DE0005550636 are likely to come under pressure. China is responding to EU restrictions by imposing counter-sanctions on medical devices from the EU. The state news agency Xinhua quoted a spokesperson for the Beijing Ministry of Commerce as saying that it is compelled to take "equivalent countermeasures" to protect the "legitimate rights and interests of Chinese companies" and maintain fair competition. On June 20, the EU Commission decided to exclude Chinese suppliers from public tenders for medical devices valued at more than five million euros.

The pharmaceutical and technology group Merck KGaA DE0006599905 is threatened with share price losses following a downgrade. The stock fell significantly on the Tradegate trading platform before the market opened. The investment bank Stifel lowered its price target to €100, significantly below the current valuation level, and has now issued a sell recommendation after its previous buy rating. Analyst Dylan Van Haaften justified his reassessment by stating that recent discussions with management have revealed significant risks of an early patent expiration for the MS drug Mavenclad (cladribine). Due to this negative impact, he states that his estimates for 2026 are well below consensus.

In contrast, shares of ProSiebenSat.1 (DE000PSM7770) benefited from a buy recommendation from US bank JPMorgan. Expert Daniel Kerven recommends the company as "Overweight" and a significantly raised price target of €11. He emphasized that industry consolidation and the recovery of the advertising market provide potential. At the same time, the media group's shares are protected from downside by share purchases by its major Italian shareholder, Media For Europe (MFE) NL0015000N09.

Nordex DE000A0D6554 is also seeing price gains after the wind turbine manufacturer received an order from Brandenburg to install turbines with a total output of 91 megawatts.