DAX 40

Key insight

25,000 round number and 100-day MA at 24,850 define the bull case floor; a close below 25,000 opens a test of that moving average within days.

Holds 25,213 but stalls below the 25,400 50-day MA — European indices underperform US peers on Friday, with CAC and FTSE also in the red.

Main risk

Oil at $98 — energy cost shock risk

Brent near $98 lifts input costs for German manufacturers, squeezing margins at Volkswagen, BASF, and Thyssenkrupp simultaneously.