FRANKFURT (dpa-AFX) - After Thursday's relief rally, there was little movement on the German stock market on Friday. The DAX ended the week up 0.18 percent at 24,900.71 points. The MDAX of mid-cap stocks rose by 0.19 percent to 31,746.12 points. Encouraging purchasing managers' indices failed to drive prices, even though, according to market observer Andreas Lipkow, they continued to support the thesis of a possible economic recovery in the new year.

At times during the week, the DAX had dropped as low as 24,349 points, losing 4.5 percent since last week's record high of 25,507 points. The trigger was a tariff threat from US President Donald Trump, which has since been taken off the table following a resolution in the Greenland conflict. Despite the recent recovery, the German benchmark index lost more than one and a half percent over the week.

"Prices are treading water, less out of calm than caution," commented the experts at Index Radar. While the World Economic Forum in Davos brought some degree of relief to the markets, this was not based on solid foundations. Concrete details of the Greenland agreement are still missing - "and this very gap is making markets nervous," the experts added. It would therefore not be surprising if fresh unrest emerged over the weekend.

The Eurozone benchmark index EuroStoxx 50 lost 0.13 percent on Friday to close at 5,948.20 points. Outside the Eurozone, the British FTSE 100 also dipped slightly, while the Swiss SMI dropped a bit more sharply. By the close of European trading, the New York benchmark index Dow Jones Industrial was down by around half a percent.

In Germany, Adidas ended at the bottom of the DAX, sliding 5.7 percent to its lowest level in nearly three years. Canadian bank RBC withdrew its recommendation for the sportswear manufacturer. Adidas is performing well in a rather challenging global environment, but market expectations for 2026 are high, wrote analyst Piral Dadhania.

Rival Puma fell even further, down 14.1 percent. A trader cited a report that talks between the French billionaire Pinault family and Chinese group Anta Sports over a possible Puma takeover had ended. The Pinault family holds just under 30 percent of the shares.

BASF missed expectations with its key figures for 2025. The shares lost 0.9 percent, though they had fallen further at times during the day. The chemical group disappointed with an unexpectedly sharp drop in profits.

Defense stocks such as Rheinmetall, Hensoldt, and Renk stood out with gains between 2.2 and 4.7 percent. In Abu Dhabi, representatives from Ukraine, Russia, and the USA are discussing a possible end to the war. Defense stocks usually react negatively to new negotiation efforts. However, the focus is on the multi-billion-euro IPO of Czech defense group Czechoslovak Group (CSG) in Amsterdam. The IPO was very successful, boosting sentiment in the sector.

Siemens Energy reached a record high, ultimately gaining 3.1 percent. Swiss bank UBS reversed its previous pessimistic stance and now recommends buying the shares. Analyst Christopher Leonard says his operating profit estimates for the energy technology group through 2030 are well above consensus.

At the top of the DAX, SAP shares rose 4.3 percent ahead of the software company's annual results next week. This marked a recovery from the lowest level recorded since August 2024 the previous day.

Shares of Redcare Pharmacy were weighed down by competition concerns and lost 1.7 percent. Following the market entry of drugstore chain DM, its competitor Rossmann now also plans to launch its own online pharmacy.

In the small-cap SDAX index, Wacker Neuson plunged 21.8 percent. Shareholders of the construction equipment group must abandon hopes of a takeover by South Korean conglomerate Doosan Bobcat. The German company announced on Thursday evening that talks would not be continued.

Auto supplier Schaeffler jumped 8.2 percent thanks to a buy recommendation from analysis firm Jefferies. Analyst Vanessa Jeffriess cited optimism about the company's involvement in humanoid robotics. She also upgraded Aumovio to "Hold," which boosted shares of the sector peer by 4.2 percent./niw/he

--- By Nicklas Wolf, dpa-AFX ---