FRANKFURT (dpa-AFX) - After the weak first half of June, the Dax has recently stabilized again and further price gains are by no means assured in the new week. The uncertainty among investors is still too high in view of the new elections in France scheduled for the end of the month and beginning of July as a result of the shift to the right in the European elections. "The fear that France will be less debt-conscious and EU-compliant in the future, depending on the outcome of the election, could continue to weigh noticeably on the financial markets," writes Robert Greil, Chief Strategist at the private bank Merck Finck, in his outlook.

A pause in the recent record rally on the US stock market, or even a correction, could also exert pressure on local share prices. Analyst Konstantin Oldenburger from broker CMC Markets noted that the fact that the DAX has not been impressed by some profit-taking in the USA recently is rather a strange picture. Possible EU penalties on e-cars from China and a potential customs dispute are further negative factors for the stock market.

However, analyst Frank Wohlgemuth from Essen-based National-Bank advises investors to remain calm, even in turbulent times. "It should also not be forgotten that the global stock markets have made significant gains so far this year, and this after a more than successful 2023." A breather is therefore certainly desirable from many sides in order to be able to reposition at a somewhat reduced level. Wohlgemuth remains confident, but warns that the stock markets are in a political headlock in the short term and that this could lead to noticeable fluctuations.

The amount of economic data and company news that could move share prices in the new week is manageable. The Ifo index will attract attention on Monday. It will provide the latest impressions of the situation and outlook for the German economy.

According to Ulrich Kater, chief economist at DekaBank, it will be particularly interesting to see how business sentiment reacts to the political uncertainties caused by the European elections. In addition to the Ifo index, consumer prices from some eurozone countries and price data from the USA are likely to attract attention at the end of the week.

Quarterly figures will be published on Tuesday by DIY group Hornbach Holding and on Thursday by pharmaceutical supplier Schott Pharma. Both are listed in the second-line index SDax.

Furthermore, quarterly reports from some non-German companies could influence the shares of German competitors. For example, investors are likely to keep an eye on DHL Group's share price reaction following the figures of US logistics company Fedex (on Tuesday after the US stock exchange closes). With the figures of the Swedish textile chain Hennes & Mauritz (H&M) due on Thursday, it could be worth taking a look at its competitor Hugo Boss.

Varta's annual figures are on the agenda for Friday. It is questionable whether they will be able to make a difference, as the battery manufacturer has just cut its sales forecast for the current year, causing investors to become disillusioned once again. Just recently, Varta shares were kicked out of the SDax because the audited annual financial report could not be published on time due to a hacker attack.

Adidas and Puma SE, on the other hand, were able to react on Friday to Nike's quarterly report, which the US sporting goods manufacturer will present on Thursday after the Wall Street close.

The quarterly figures from chip manufacturer Micron on Wednesday are also important for the entire technology sector. The semiconductor sector is currently thriving on the fantasy of artificial intelligence (AI); in addition to Nvidia, Micron also recently reached record high prices, but then paid tribute to their rally./ajx/ag/mis

--- By Achim Jüngling, dpa-AFX ---