After the record run of the Dax DE0008469008 and the subsequent setback, little is likely to happen on Friday.

Uncertainty surrounding US tariff policy remains in focus. Investors are also awaiting inflation figures from Germany. About an hour before the start of trading, the X-Dax DE000A0C4CA0 signaled a gain of 0.3 percent to 24,001 points for the German leading index. A similar start was expected for the Eurozone leading index EuroStoxx 50 EU0009658145.

Even with the initial boost from a strong quarterly report from AI chip pioneer Nvidia US67066G1040 and a setback for Trump's tariff policy in a US court, the DAX hadn't managed to reach its record high of nearly 24,326 points the day before. A positive start to trading was followed by slight profit-taking in rather thin Ascension Day holiday trading.

The DAX is up about 20 percent this year. So far this week, it has gained about 1.3 percent. And the MDax DE0008467416 has now caught up with the DAX for the year. The mid-cap index is thus at its highest level in about three years.

The situation on the financial markets is confusing following the court rulings surrounding the US government's tariff policy, experts at Landesbank Helaba write in a morning commentary. "A large portion of the tariffs were declared void and blocked, but an appeals court has now reinstated the measures, temporarily. It remains exciting." Investors on Wall Street, however, were largely unmoved by the legal tug-of-war.

Economic data will now come into focus on Friday. Helaba experts point in particular to inflation figures from the German states this morning, as well as the overall German price data at 2:00 p.m. "This information is important in view of the ECB Council meeting next week." They are referring to the European Central Bank's upcoming interest rate decision.

Shortly after the German inflation data, price data from the USA will be on the agenda.

On the corporate side, things were initially quiet on Friday. Investors should continue to keep an eye on tariff-sensitive securities such as auto stocks. Furthermore, one trader pointed to surprisingly strong business figures from the US cosmetics chain Ulta Beauty, which suggests it might be worth taking a look at shares of Nivea manufacturer Beiersdorf DE0005200000, the perfume chain Douglas, and the fragrance and flavor manufacturer Symrise DE000SYM9999.