FRANKFURT (dpa-AFX) - Investors on the German stock market initially held back on Friday ahead of important US labor market data. In the first few minutes after the opening, the Dax was trading at 20,316 points, around its previous day's close. The 21-day line for the short-term trend, which currently stands at 20,197 points and serves as a support, is in focus.
The midcap index MDax lost 0.25 percent to 25,517 points. The leading EuroStoxx index for the eurozone fell by 0.1 percent.
In the middle of the week, the Dax had approached its record high of mid-December at 20,522 points before US President-elect Donald Trump put a damper on the good mood with renewed threatening gestures towards high import tariffs.
The market environment is difficult, stated the economists at Helaba, referring to inflation and economic concerns, the continued rise in yields and uncertainties about Trump's trade policy.
The monthly US labor market report for December at 2:30 p.m. CET will be important for US monetary policy today. "A strong labor market report could further dampen the already fading hopes for rapid interest rate cuts," explained market expert Thomas Altmann of asset manager QC Partners. If wages continue to rise, the US Federal Reserve will have little choice but to postpone interest rate cuts," said Altmann.