Frankfurt – Thursday, 27 November 2025
Germany’s stock market extended its rebound on Thursday, but with far less fireworks than earlier in the week. By midday, the DAX 40 was up around 0.2% at roughly 23,780 points, while the MDAX of mid-caps gained about 0.7% to 29,425 points and the small‑cap SDAX climbed roughly 1% to around 16,500 points, putting German equities on track for a solid weekly gain of more than 3%. [1]
The broader European picture was calm: the pan‑European STOXX Europe 600 hovered essentially flat near 574 points, as investors paused after a three‑day rally driven by hopes that the U.S. Federal Reserve will cut interest rates in December and by tentative progress toward a ceasefire in Ukraine. With Wall Street closed for the U.S. Thanksgiving holiday, trading volumes in Frankfurt were thinner than usual. [2]
DAX extends its “Thanksgiving rally”, but momentum cools
The DAX has now recovered almost all of its November losses. Market commentators point to a sharp sentiment swing since Fed officials began signalling that a rate cut at the December meeting is on the table, easing fears of a prolonged period of restrictive policy. [3]
Around midday on Thursday:
- DAX 40 traded near 23,783 points, up about 0.2–0.3%.
- MDAX rose about 0.7% to 29,425 points, outpacing the large‑cap index.
- EURO STOXX 50 dipped around 0.1%, highlighting that Germany’s market was again among the more resilient within the eurozone. [4]
Analyst Jochen Stanzl of Consorsbank noted that the DAX has almost erased its November drawdown and characterised the recent rebound as a shift from a November “blues” mood into a “Thanksgiving rally” – a colourful shorthand for how quickly fear has given way to renewed risk appetite. [5]
Across Europe, sector moves were modest. Healthcare stocks lagged, while financial services led gains – a pattern that also played out in Germany, where Deutsche Börse was one of the standout performers in the blue‑chip index. [6]
Puma explodes higher on fresh takeover speculation
The story of the day in Frankfurt was unmistakable: Puma.
Shares in the sportswear group at one point surged more than 17% to just under €20, before easing to a still‑hefty gain of around 15% by midday. [7]
The catalyst: a Bloomberg report that Chinese sportswear giant Anta Sports is exploring a possible takeover bid for Puma, potentially alongside a private‑equity partner. Other names, including Chinese rival Li Ning and Japan’s Asics, were also mentioned in media coverage as potential interested parties, underlining that the brand remains strategically attractive despite a brutal share‑price collapse in recent years. [8]
Puma’s stock has lost roughly 60% this year and nearly 85% since its peak about four years ago, leaving the company with a market value of only around €2.5 billion even after Thursday’s jump – a size that makes it a digestible target for larger global players. [9]
For the DAX, the move is symbolically important: it shows that beaten‑down German consumer names are now cheap enough to attract cross‑border M&A interest. It also injects a burst of speculative energy into an otherwise slow, holiday‑thinned session.
Deutsche Börse rallies on JPMorgan upgrade; E.ON sinks
Another big driver within the DAX was Deutsche Börse. Its shares climbed about 4%, reaching their highest level since mid‑October, after JPMorgan upgraded the stock from “Neutral” to “Overweight” and lifted its price target to €292. [10]
The U.S. bank argued that the operator of the Frankfurt exchange is undervalued relative to the quality and breadth of its business mix – a narrative that resonated on a day when trading‑infrastructure firms benefited from investors’ appetite for dependable earnings streams.
On the downside, utility heavyweight E.ON fell about 1.8% after a cautious note from Goldman Sachs. The bank reminded investors that Germany’s Federal Network Agency could soon present its new regulatory framework, which may be less generous than current conditions. Goldman suggested E.ON might respond to tougher rules by cutting back on planned investments and trimmed its price target for the stock, pressuring the shares. [11]
Mid- and small caps: Bechtle and Salzgitter shine
Mid‑cap and small‑cap indices outperformed the DAX again on Thursday, reflecting strong stock‑specific stories further down the market’s size spectrum.
- The MDAX gained around 0.7% to 29,425 points by midday. [12]
- The SDAX of smaller companies jumped more than 1%, closing in on 16,500 points, marking a second strong day in a row after Wednesday’s 1% advance. [13]
- The tech‑heavy TecDAX also traded higher, up close to 1% around 3,530 points at one stage. [14]
Several individual names helped power those moves:
- Bechtle rallied around 5%, hitting its highest level since August, after the IT services group announced two major framework contracts with ProVitako, the central public procurement agency for municipal IT providers in Germany. The agreements, which involve network and server infrastructure in partnership with HPE, have a total potential volume of up to €501 million over an initial one‑year term with extension options. [15]
- Salzgitter shares climbed roughly 2%, reaching their highest level since summer 2023 and extending an already remarkable year‑to‑date advance of nearly 120%, according to dpa‑AFX. Investors continue to bet on a more open European trade regime with less restrictive steel import quotas and on the possibility of reconstruction‑related demand from Ukraine in the medium term. [16]
The strength in mid‑caps underlines that, beyond the DAX headlines, a number of German industrial and tech names are quietly re‑rating as investors reposition for a potential cyclical upswing.
Wacker Chemie plans 1,500 job cuts in €300m savings drive
Another major corporate story with market impact came from Wacker Chemie. The chemicals group confirmed that it plans to cut more than 1,500 jobs worldwide by 2027 as part of its PACE efficiency programme, targeting annual cost savings of over €300 million. [17]
The measures, which will focus heavily on its silicones and polymers businesses, are set to begin in the first quarter of 2026 and run through the end of 2027. The restructuring is a response to persistently weak demand and intensifying competition from Chinese producers. [18]
Despite the tough news for employees, Wacker Chemie’s shares traded higher – up around 2% at midday – as investors welcomed the clearer profitability roadmap at a time when Germany’s specialty‑chemicals sector is under pressure from high energy costs and global overcapacity. [19]
Macro backdrop: Improving German sentiment, Fed hopes, Ukraine peace talk
Beyond stock‑specific headlines, the macro backdrop for German equities arguably looks better than it has for much of 2025:
- German consumer sentiment: The GfK Consumer Climate Index for December improved slightly from ‑24.1 to ‑23.2, matching expectations. While the reading remains deeply negative, households’ propensity to buy rose for a second month and is now back around last year’s level, an encouraging sign for retailers heading into Christmas. [20]
- Fed policy expectations: Weak U.S. economic data and dovish comments from several Fed officials have boosted bets on a December rate cut, lifting risk assets globally and helping Germany’s export‑centric market. [21]
- Ukraine ceasefire hopes: Reports of progress toward a peace or at least a ceasefire framework in Ukraine have eased some of the geopolitical risk premium that has weighed on European markets, especially energy‑intensive and steel companies such as Salzgitter. [22]
Globally, Asian markets traded higher earlier in the day, with Japan’s Nikkei up more than 1%, and world equity benchmarks notching a fifth straight gain. In early European dealings, Germany’s DAX was already up around 0.2%, outpacing a flat CAC 40 in Paris and a slightly weaker FTSE 100 in London. [23]
Technical picture: DAX eyes 24,000 while support firms around 23,500
From a technical standpoint, the DAX 40 continues to look constructive but not euphoric:
- Analysts at IG note that the index is “heading back up again” with the 24,000‑point region now in sight.
- The 200‑day simple moving average, currently near 23,483, together with the 7 November low around 23,453, is acting as an important support area. [24]
- Other technical commentary sees the DAX locked in a broader 23,000–24,500 range, with solid participation on the buy side and the potential for a stronger breakout if macro news remains supportive. [25]
- On a shorter time frame, Thursday’s move above the 21‑day moving average – highlighted in the Frankfurt midday reports – is seen as a positive near‑term trend signal. [26]
In simple terms: as long as the index stays above roughly 23,400–23,500, many traders will view pullbacks as buying opportunities rather than the start of a new downtrend.
What to watch next for German stocks
With U.S. markets closed today and only a shortened session on Friday, the next catalysts for the DAX and its peers will likely be:
- The European Central Bank minutes and any hints about the 2026 rate path. [27]
- Fresh data on Eurozone inflation and growth, which will shape expectations for how quickly Europe can follow the Fed into an easing cycle.
- Further developments around a Ukraine ceasefire framework – a key factor for energy prices, steel demand, and broader risk appetite in Europe. [28]
- Any concrete steps or counter‑bids in the Puma takeover story, which could turn today’s speculative spike into a longer‑term rerating of the stock – or deflate it if talks stall. [29]
For now, the takeaway is straightforward: German equities are ending November on a stronger footing, with the DAX back within sight of 24,000, mid‑caps and small‑caps leading, and corporate news – from Puma’s takeover rumours to Wacker’s restructuring and Bechtle’s mega‑contract – giving investors plenty to digest.
This article is for informational purposes only and does not constitute investment advice. Markets can move quickly; always check live data before making trading or investment decisions.
References
1. de.marketscreener.com, 2. www.reuters.com, 3. www.reuters.com, 4. de.marketscreener.com, 5. de.marketscreener.com, 6. www.reuters.com, 7. de.marketscreener.com, 8. www.reuters.com, 9. www.finanzen.net, 10. www.reuters.com, 11. de.marketscreener.com, 12. de.marketscreener.com, 13. www.investing.com, 14. www.finanzen.ch, 15. de.marketscreener.com, 16. de.marketscreener.com, 17. www.reuters.com, 18. www.reuters.com, 19. de.marketscreener.com, 20. www.marketpulse.com, 21. www.reuters.com, 22. www.reuters.com, 23. mynews13.com, 24. www.ig.com, 25. www.dailyforex.com, 26. de.marketscreener.com, 27. www.marketpulse.com, 28. www.reuters.com, 29. www.reuters.com
