Following an overall favorable stock market performance in the first three months of 2025, which continued the positive trend seen in 2024, in early April 2025, the President of the United States announced that he would impose substantial trade tariffs on imports into the U.S., triggering extensive price losses on the international stock markets. The mood quickly brightened in the economy and on the financial markets after the U.S. government announced a moratorium on planned trade restrictions and signaled a priority shift towards negotiations between the major economic powers. As a result, not only did the markets recoup their losses, but a number of indices also attained new record highs as the first half of the year continued.
On May 20, the German benchmark index DAX surpassed 24,000 points for the first time and hit a new record high of 24,340 points on June 4, 2025. The index closed out the first half of 2025 at 23,910 points. This corresponds to an increase of 20.1% compared to the end of 2024. The MDAX also exhibited dynamic performance, rising 19.1% from the end of December 2024. The MDAX ended the first half of 2025 at approximately 30,484 points. On June 30, 2025, the SDAX benchmark index, which includes NORMA Group shares, closed at 17,563 points, up 28.1% from the end of 2024. In addition to the easing of the tariff conflict, the German indices benefited from the EUR 500 billion in special infrastructure and defense funds announced by the new German government. The STOXX Europe 600 Industrial Goods & Services, which tracks the European industrial goods sector, performed in line with German benchmark indices in the half-year under review. It ended the first half of 2025 at 102 points – an increase of 17.0% compared to its year-end level in 2024.
The US Dow Jones Index ended the first half of 2025 at 44,095 points, an increase of 3.8% compared to the end of 2024. The broader S&P 500 Index closed the first half of 2025 at 6,205 points, corresponding to an increase of 5.5%. Lower price gains on the US capital markets than in Europe were due to more persistent inflation, the lack of interest rate cuts, and economic and political uncertainty.
The MSCI World Automobiles Index, regarded as an indicator of trends in the global automotive market, did not follow the overall market in the first half of the year, falling significantly in value. On June 30, 2025 the index stood at 329 points. This corresponds to a decline of 17.3% compared to the end of 2024.
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These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.