Weekly stock performance of DAX companies takes a hit due to US data - Hauptstudie auf BMW, BionTech, Siemens Energy, und Vonovia

The German stock market experienced a setback on Friday, with the DAX (WKN: 846900) closing the day with a loss of 0.7 percent, reaching 23,596.98 points. This dip was partly attributed to the weaker US employment data, causing economic concerns to grow.

Siemens Energy (WKN: ENER6Y) was one of the notable losers in the DAX, despite a multi-billion-dollar order and an upcoming index upgrade to the EURO STOXX 50. Some investors may have used the good news to take profits, a common practice when positive information prompts traders to sell and secure gains before potential market reversals.

Heidelberg Materials suffered the biggest loss in the DAX on Friday, with a decline of 2.60%. Other interest-sensitive stocks in the DAX, such as Vonovia, also felt the pinch but managed to recover, gaining around two percent on Friday, benefiting from rising expectations of a rate cut due to the weak US employment data.

Meanwhile, the MDAX, another German stock market index, gained 0.7 percent to 30,011.98 points on Friday. Among the real estate stocks in the MDAX, Aroundtown, Deutsche Wohnen, LEG, and TAG Immobilien also performed strongly.

In a positive turn of events, BioNTech (WKN: A2PSR2), a Mainz-based biotech company, temporarily jumped more than 10 percent on Friday. This surge was due to positive interim results from a Phase-3 study of an antibody-drug conjugate for HER2-positive breast cancer. The stock continues to rise, reflecting the promising developments in the company's research.

The automakers are back in focus, with BMW planning to unveil the iX3, the first series model of the "New Class," at the IAA in Munich next week. The iX3 is anticipated to be a Tesla competitor, gaining attention ahead of its world premiere.

Two other companies, Thyssenkrupp and Salzgitter, are also gaining momentum, although reasons for this are not specified in the given information.

Markets now expect a rate cut from the US Federal Reserve in about two weeks, which could potentially influence the direction of the German stock market in the coming days.

The automotive industry and the biotech sector remain key areas to watch as they continue to shape the German and global markets.

Weekly stock performance of DAX companies takes a hit due to US data - Hauptstudie auf BMW, BionTech, Siemens Energy, und Vonovia