The DAX has significantly recovered in April 2025 after initial turbulence, closing the month above 22,500 points, with a daily increase of 1.8% on April 30. Since the beginning of the year, the German benchmark index has recorded a gain of over 13%, with the record high from March at 23,476 points remaining within reach.
Market Development and Drivers
The recovery followed a drop to nearly 18,500 points at the beginning of the month, triggered by US tariff policies under Donald Trump. The recent rally was favored by:
- Positive signals from overseas markets, particularly the US and Asia
- The approval of the coalition agreement by SPD members, which reduced political uncertainties
- Mostly stable quarterly reports from companies in the second and third tiers
Challenges for Further Gains
Despite the upward trend, experts see obstacles:
- Technical resistance at approximately 22,570 points, followed by the psychologically significant March record level
- Unresolved trade conflicts between the US and China, as well as tensions between Trump and Amazon founder Jeff Bezos regarding tariff implications
- Expected uncertainties in the quarterly outlooks of major tech companies like Apple and Amazon
Historical Context
April 2025 is regarded as one of the most turbulent stock market months since the financial crisis of 2008 and the COVID-19 crisis of 2020, characterized by a “rollercoaster ride” with price losses of up to -20% before the current recovery. In contrast to US indices such as the S&P 500, the DAX has confirmed its overarching upward trend, indicating relative strength.
Experts like Jürgen Molnar (Robomarkets) emphasize the technical confirmation of the trend but warn against premature optimism in light of unresolved trade policy risks. Portfolio manager Thomas Altmann (QC Partners) continues to see political decisions as a central market driver – both as an opportunity and a risk for the current rally phase.