Euro Stoxx 50

Novartis $NVS (+0,2 %)

Rheinmetall $RHM (+2,2 %)

SAP $SAP (+0,47 %)

Investment package

ECB

Tariffs

Discussion about Fed chief

Read analysis: https://shorturl.at/slwz6

#europa
#europe

The weak dollar exchange rate against the euro for months now is having a noticeable impact on German companies. Numerous companies are expecting significantly lower profits in the second quarter and a continuing burden from the unfavorable exchange rate.

At the end of February, the euro was still trading at around 1.05 dollars, and some were even expecting the currencies to reach parity. But the opposite has happened: Since the threat of high US tariffs in March, the US currency has been weakening, with one euro currently costing 1.17 dollars - a 14% appreciation of the euro.

Large companies with strong foreign operations are particularly affected by this. "In the Dax, that's almost all of them," says Jörg Held, Head of Portfolio Management at the fund company Ethenea. He warns that the weakness of the dollar is "becoming a measurable profit killer". Many experts believe that the negative impact of the currency constellation will not disappear for the time being.

Companies' results will come under pressure in two ways: products from export-oriented companies such as $P911 (+0,59 %) Porsche become more expensive when their price is converted into dollars. Their competitiveness is weakened because competing products from companies in other currency areas with lower exchange rate fluctuations become comparatively cheaper.

"A ten percent appreciation of the euro reduces the profit growth of European companies by three to five percentage points over the course of a year," calculates Ulrich Stephan, Chief Investment Strategist at Deutsche Bank.

• BASF
  $BAS (-0,46 %) has lowered its forecast for 2025 by eight percent and now expects an adjusted profit of between 7.3 and 7.7 billion euros. Currency effects already depressed earnings in the second quarter. The negative effect on earnings is primarily due to the translation of earnings generated abroad into euros. In February, the world's largest chemical company was still expecting an exchange rate of 1.05 dollars per euro for the year as a whole. BASF is now assuming 1.15 dollars.

• SAP $SAP (+0,47 %) sees a "significant headwind in the profit and loss account this year" due to the development of exchange rates, as CFO Dominik Asam says. Every percentage point by which the dollar depreciates leads to a loss of around half a percentage point in growth for SAP.

• Wacker Chemie
  $WCH (-0,27 %) expects the current exchange rate level to continue. The rule of thumb within the Group is that a depreciation of the dollar against the euro of one dollar cent will have an impact of around minus three million euros on earnings before interest, taxes, depreciation and amortization without hedging.

Analysts expect the weak dollar to affect other DAX companies. JP Morgan, for example, has just withdrawn its buy recommendation for Airbus shares $AIR (+1,34 %) shares, partly because the exchange rate is putting pressure on profit margins. The aircraft manufacturer mainly produces in the eurozone, while the majority of its revenue is generated in dollars.

The real beneficiaries of the weak dollar are based in the USA. For example, the world's largest healthcare group Johnson & Johnson $JNJ (+0,33 %) has just raised its forecast for 2025. The second quarter was stronger than analysts had expected. In international business, however, Group sales grew almost solely due to the positive impact of the dollar.

The current weakness of the dollar as the world's leading currency is not only affecting companies that trade with the USA: All companies, regardless of whether they export to Asia, Oceania, Africa or South America, are affected, as the majority of international payment transactions and trade contracts are still settled in US dollars.

Experts expect the dollar to weaken further.

"In our view, we are only at the beginning of the bear market for the dollar," says Laurent Denize, co-investment manager at Oddo BHF. Many banks are assuming that the 1.20 dollar per euro mark could soon be reached.

There are several reasons for this: the tariff and trade dispute, the associated changeable and unpredictable policy in the US, the high level of new debt and, finally, US President Donald Trump's public criticism of Federal Reserve Chairman Jerome Powell. All of this is undermining confidence in a reliable US policy - and: "All of this is tarnishing the image of the US dollar," says foreign exchange expert Sonja Marten from DZ Bank.

The discussion about a possible de-dollarization has been gaining momentum for months. This refers to the debate about whether the US dollar is losing its nimbus as the world's reserve currency. "For the first time in a long time, we believe this discussion is actually justified," says Marten. In her opinion, investors looking for alternatives to the dollar will inevitably end up in the eurozone.

If this happens, the euro will continue to gain in value as money flows from dollar to euro investments.

The trend towards the euro is likely to be fueled by the fact that the European Central Bank has probably almost reached the end of its cycle of interest rate cuts after eight cuts in the last two years. The financial markets are only pricing in a further small interest rate cut of 0.25 percentage points by the end of next year.

By contrast, market participants in the US are expecting four interest rate cuts totaling one percentage point by the end of 2026, according to data from the financial news service Bloomberg. The interest rate level between the two currency regions is therefore likely to converge.

The result: the previous advantage for investors in the USA of receiving more interest for their investments there would disappear. This would make dollar investments (even) less attractive in future and, in turn, create further potential for the euro - to the chagrin of export-oriented companies from the eurozone with a strong international presence.

Source (excerpt) & chart: Handelsblatt, 25.07.25

The start of summer in June combined sport and leisure for me. By that I mean swimming, hiking, running and sport at home. Apart from the incoming dividends, I hardly noticed anything on the stock market. It was not the strongest distribution month due to the postponement of three distributions, but it was still a very strong one. Time for a review.

Overall performance

The portfolio tended to tread water in June, but that is no cause for concern. Bit by bit, it is fighting its way out of the lows of the customs conflict. And cash flow continues to be generated by distributions to the clearing accounts. The key performance indicators are:

• TTWROR (month of May): +0.19 %
• TTWROR (since inception): +65,45 %
• IZF (month of May): +2.47 %
• IZF (since inception): +10,21 %
• Delta: +€148.63
• Absolute change: +1,173.63 €

Share allocation & performance

Which shares performed particularly well in June? Which are at the top and which at the bottom of the rankings? Which were the biggest losers?

Size of individual share positions by volume

• Share: Share of total portfolio in % (securities account)
• $AVGO (+1,55 %) 2.78 % (main share portfolio)
• $NFLX (+0,81 %) 2.20 % (main share portfolio)
• $WMT (+0,59 %) 1.71 % (main share portfolio)
• $SAP (+0,47 %) 1.59 % (main share portfolio)
• $FAST (+0,42 %) 1.55 % (main share portfolio)

Smallest individual share positions by volume:

• Share: Share of total portfolio in % (securities account)
• $SHEL (+0,37 %) 0.44 % (crypto follow-on portfolio)
• $HSBA (+1,23 %) 0.54 % (crypto follow-on portfolio)
• $TGT (+0,68 %) 0.62 % (main share portfolio)
• $GIS (+0,83 %) 0.63 % (main share portfolio)
• $CPB (+0,54 %) 0.64 % (main share portfolio)

Top-performing individual shares

• Share: Performance since first purchase % (securities account)
• $AVGO (+1,55 %) : +261 % (main share portfolio)
• $NFLX (+0,81 %) : +198 % (main share portfolio)
• $SAP (+0,47 %) +106 % (main share portfolio)
• $WMT (+0,59 %) : +68 % (main share portfolio)
• $RSG (+0,74 %) +47 % (main share portfolio)

Flop performer individual shares

• Share: Performance since first purchase % (securities account)
• $DHR (+0,5 %) -57 % (main share portfolio)
• $CPB (+0,54 %) -42 % (main share portfolio)
• $TGT (+0,68 %) -37 % (main share portfolio)
• $GIS (+0,83 %) -36 % (main share portfolio)
• $NKE (+0,66 %) -30 % (main share portfolio)

ETFs vs. shares

The breakdown of ETFs vs. shares across all portfolios is 38.7% to 61.3%. This differs from the breakdown of my ETFs to equities savings plans (43% to 57%). Equities have performed better, which is due to the fact that I also include high-dividend ETFs in the ETFs.

Investments and additional purchases

Here is a brief overview of what I have invested in savings plans according to my fixed planning.

• Planned savings plan amount from the fixed net salary: €1,030
• Planned savings plan amount from the fixed net salary, with reinvested dividends: €1,140
• Savings ratio of the savings plans to the fixed net salary: 49.75

In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

• Subsequent purchases/one-off savings plans as cashback annuity from refunds: € 32.32
• Automatically reinvested dividend by broker: € 7.25 (Function is only activated for an old custody account, as I want to control the reinvestment myself)

Additional purchases were made from other surpluses:

• Number of additional purchases: 2
• 25.00 € for $FGEQ (+0,68 %)

There were no additional purchases from the components of my cashback pension (e.g. reimbursements from health insurance premiums, insurance premiums, shopping vouchers, etc.) this month.

If you would like to know how my cashback pension supplements my equity and ETF pension, please let me know.

Passive income from dividends

My income from dividends amounted to € 152.30 (€ 179.04 in the same month last year). This corresponds to an increase of -14.94 % compared to the same month last year. The following is further key data on the distributions:

• Number of dividend payments: 31
• Number of payment days: 15 days
• Average dividend per payment: € 4.91
• average dividend per payday: € 10.15

The top payers are:

• $VNA (+0,76 %)
• 
  $ARCC (+0,01 %)
• 
  $TDIV (+0,77 %)

My passive income from dividends (and some interest) mathematically covered 15.91% of my expenses in the month under review.

Crypto performance

My crypto investments also moved a little:

• Monthly performance portfolio: +3.81 %
• Performance since inception: +79.49 %
• Proportion of holdings for which the tax holding period has expired: 100%. This means that there have been no additional purchases for over a year.
• Crypto share of the total portfolio: 2.19 %

I find the topic exciting, but it is very underrepresented in my overall portfolio due to my passive income strategy. The first profits have already been realized and more will definitely follow. For me, crypto is a lever to turn play money into even more play money, which is then put into the solid distributors to make the income snowball grow bigger and bigger. New accumulation will take place in the coming bear market.

Performance comparison: portfolio vs. benchmarks

A comparison of my portfolio with two important ETFs shows:

• TTWROR (current month): +0.19 %
• $VWRL (+0,81 %) : +0.39 %
• $VUSA (+0,68 %) : +1.24 %

Outlook and conclusion

I'm using the summer, which has already begun, not only for hiking, but also for city trips for my "non-financial" TikTok and Insta channel. I can often be found at one of the lakes near Leipzig, which were once created from the open-cast mining pits of the brown coal era. It's nice that the lunar landscapes have become a local recreation area. That's why I'm less active at the moment. That will certainly change again in the fall.

For now, I'm just enjoying life, and my money continues to work stubbornly and steadily for me in the background. Current events in the world and in politics don't interest me in the slightest. As I write this review, the first third of the summer will soon be over.

👉 You want my review as an Instagram post?

Then follow me on Instagram:

📲 You'll find regular posts there as well as the portfolio and budget review: @frugalfreisein

How did your June at the depot go? Do you have any tops & flops to share? Leave your thoughts in the comments!

SAP $SAP (+0,47 %) is being targeted by the German Federal Cartel Office, which has recently launched an investigation into the acquisition of Signavio. This measure is a reaction to the accusations made by competitor Celonis, which accuses SAP of alleged misconduct. In 2021, the software giant acquired Signavio for almost one billion euros, which was approved by the regulatory authorities at the time. Signavio was a direct competitor of Celonis, and the ongoing investigations could have a lasting impact not only on the acquisition but also on SAP's entire market position. The industry is watching with interest to see how the situation will develop and what consequences this could have for SAP.

In another major move, Biontech $BNTX (+0,49 %) announced the acquisition of Curevac $CVAC (+0,22 %) which is seen as a significant step forward for the company. According to a pharmaceutical executive close to owners Thomas and Andreas Strüngmann, this deal reflects the strength of Biontech. At the important conference of the American Society of Clinical Oncology (ASCO) at the end of May, Biontech presented promising results that further fueled interest in the company. As part of the takeover, Curevac shares are to be exchanged for Biontech depositary receipts, which catapulted the Curevac share price up to 28 percent. As a result, the market capitalization returned to the level of the beginning of the year. Nevertheless, the valuation of Curevac shares remains 95% below the 2020 records, which shows how volatile the market for biopharmaceutical companies is.

Sources:

https://www.manager-magazin.de/unternehmen/tech/sap-bundeskartellamt-untersucht-signavio-uebernahme-nach-celonis-vorwuerfen-a-0c00eeae-8c0c-41d1-a698-c4cf526bf8c2

https://www.manager-magazin.de/unternehmen/pharma/biontech-uebernimmt-curevac-was-steckt-hinter-dem-milliarden-deal-a-e147eb69-8847-480a-8c8c-8ffab2947c7f

The Novo Nordisk share $NOVO B (+0,7 %) rose by 2.3 % on Friday morning, once again securing the title of Europe's most valuable company 🏆 - ahead of $SAP (+0,47 %) whose shares fell by 2.2 % 📉.

📊 After a prolonged period of weakness, Novo Nordisk is now stable again - and could see a close exchange of favorites with SAP in the coming weeks 🔁.

🧪 Positive news from the previous evening provided a boost:

👉 The active ingredient amycretin, to regulate obesity, is entering the advanced testing phases after the approval authorities gave the green light ✅.

💼 There was also a tailwind from a report in the Financial Times:

Hedge fund Parvus Asset Management has bought into Novo and wants to have a say in the new CEO 💬.

➡️ The markets are reacting optimistically - remains exciting! 🔍📊

Source:

https://de.investing.com/news/stock-market-news/aktien-im-fokus-novo-nordisk-wieder-wertvollstes-europaisches-unternehmen-3034780

$NVDA (+1,26 %)
$IOS (+0,8 %)
$SAP (+0,47 %)
$SIE (+0,71 %)
$DTE (+0,31 %)

My dears,

while one CEO sits in the sandbox in a huff. The brilliant Jensen Huang goes on a trip to Europe.

Jensen Huang is coming to Berlin next week to meet German Chancellor Friedrich Merz. The CDU/CSU and SPD want to promote an AI gigafactory in Germany with 100,000 GPUs.

At the end of next week, Federal Chancellor Friedrich Merz (CDU) wants to meet Jensen Huang, the head of the US GPU manufacturer Nvidia, in Berlin. Handelsblatt has learned this from government and industry circles. A meeting with Vice-Chancellor Lars Klingbeil (SPD) is also reportedly planned.

The CDU/CSU and SPD have agreed to build an AI gigafactory in Germany, which is to be powered by 100,000 GPUs.

Nvidia boss Huang is traveling through Europe for most of the week. On Monday, he will first appear at Tech Week in London with UK Minister for Investment Poppy Gustafsson. On Tuesday, he is scheduled to give a keynote speech at the Vivatech technology conference in Paris. According to estimates in industry circles, Huang is likely to announce various initiatives relating to the development of computing infrastructure in Europe during his appearances.

The EU has announced a funding program for the construction of AI Gigafactories, which are suitable for training large language models. In each of the four to five planned facilities, 100,000 or more special data center GPUs are to be used. Nvidia is the market leader here.

SAP, Deutsche Telekom, Ionos and Siemens are planning a joint application to the European Union (EU) for the AI data centers.

Why GPUs are so important for AI and artificial neural networks

GPUs are versatile and ideally suited for parallel computing, as is often the case in AI - but they are also energy-intensive and expensive, reported our author Klaus Manhart. They are most frequently used for training AI models. As this is very computationally intensive, several GPUs are connected together so that they can all train an AI system synchronously.

AI-optimized processors are available from almost all major processor providers. Nvidia - known for its GPUs - has entered the high-end AI market with its Tensor Core GPUs. The core GPUs are an integral part of their AI-optimized GPU architecture and are designed to perform and aggregate matrix multiplications and complex tensor operations as quickly as possible. The latest models accelerate training and inference of large neural networks in data centers.

https://www.golem.de/news/ai-gigafactory-kanzler-merz-trifft-nvidia-chef-in-berlin-2506-196943.html

BEFORE: I have completely revised my portfolio review. There are now even more in-depth figures to see and I have greatly reduced the body text. Only my introduction is a little more detailed. The visual overview on Instagram has also been completely revamped. There is also a budget review, which I am not publishing here as a post. However, I have included a few key figures from this one in the portfolio review.

I am very happy about likes here at GQ and on both IG posts, as the complete renewal has cost me a lot of nerves and time. 🙃 If you also want to know how my personal finances have developed, I'd like to refer you to my personal budget review on Instagram.

In future, I will publish my detailed assessments on individual topics that were previously part of the review (such as crypto cycles or my succession strategy for crypto) separately in individual posts on GQ. Perhaps as a kind of supplementary post.

Are you missing important key figures or do you have suggestions for optimization? Constructive suggestions are always welcome.

For me, May was characterized by calm and composure, because I kept the noise of the markets and US trade policy away from me. I can do no more than simply buy more. I like to refer here to the stoic way of thinking, which focuses on prioritizing what you can influence. And that is my personal development. So that meant doing sport (at home with YouTube cardio and strength, abs, core, running), stockpiling Instagram posts so that I have some breathing space in the summer and delving deeper into the topic of AI. And the tax return was also completed. Meanwhile, dividends have been stable with the second strongest month ever, which was April. Time for a deep dive into my figures.

Overall performance

My portfolio performed well in May. Bit by bit, we are fighting our way up from the tariff lows. The key performance indicators are

• TTWROR (month of May): +4.83 %
• TTWROR (since inception): +65.84 %
• IZF (month of May): +74.24 %
• IZF (since inception): +9.94 %
• Delta: +€3,368.39
• Absolute change: +4,486.96 €

Share allocation & performance

Which shares performed particularly well in May? Which are at the top of the chain and which at the bottom? Which were the biggest losers?

Size of individual share positions by volume

Share: Share of total portfolio in % (portfolio)

• $AVGO (+1,55 %) : 2,71 % (main share portfolio)
• $NFLX (+0,81 %) : 2,12 % (main share portfolio)
• $WMT (+0,59 %) : 1,83 % (main share portfolio)
• $SAP (+0,47 %) : 1,69 % (main share portfolio)
• $FAST (+0,42 %) : 1,59 % (main share portfolio)

Smallest individual share positions by volume:

Share: Share of total portfolio in % (securities account)

• $SHEL (+0,37 %) : 0,44 % (crypto follow-on portfolio)
• $HSBA (+1,23 %) : 0,54 % (crypto follow-on portfolio)
• $TGT (+0,68 %) : 0,62 % (main share portfolio)
• 
  $DHR (+0,5 %) : 0,66 % (main share deposit)
• 
  $NKE (+0,66 %) : 0,67 % (main share portfolio)

Top-performing individual shares

Share: Performance since first purchase % (securities account)

• $AVGO (+1,55 %) : +245 % (main share portfolio)
• $NFLX (+0,81 %) : +190 % (main share portfolio)
• $SAP (+0,47 %) : +108% (main share portfolio)
• $WMT (+0,59 %) : +79% % (main share portfolio)
• $RSG (+0,74 %) : +60 % (main share portfolio)

Flop performer individual stocks

Share: Performance since first purchase % (securities account)

• $DHR (+0,5 %) : -58 % (main share portfolio)
• $TGT (+0,68 %) : -40 % (main share portfolio)
• $NKE (+0,66 %) : -39 % (main share portfolio)
• $CPB (+0,54 %) : -34 % (main share portfolio)
• $UPS (+1,11 %) : -30 % (main share portfolio)

ETFs vs. shares

The breakdown of ETFs vs. shares across all portfolios is 38.8% to 61.2%. This differs slightly from the breakdown of my ETFs to equities savings plans (43% to 57%).

Investments and subsequent purchases

Here is a small overview of what I have invested via savings plans according to my fixed planning.

• Planned savings plan amount from the fixed net salary: €1,030
• Planned savings plan amount from the fixed net salary, with reinvested dividends: €1,140
• Savings ratio of the savings plans to the fixed net salary: 49.75

In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

• Subsequent purchases as a cashback annuity from refunds: € 70.50
• Dividend automatically reinvested by broker: € 2.99

Additional purchases: as one-off savings plans as part of my cashback pension, reinvested discounts from previous grocery and drugstore purchases and a refund from the health insurance bonus program.

• Number of additional purchases: 2
• 30.00 € for $JEGP (+0,51 %)
• 
  40.50 € for $GGRP (+0,61 %)

If you want to know how my cashback pension tops up the share and ETF pension, please let me know.

Passive income from dividends

My income from dividends amounted to € 163.13 (€ 89.68 in the same month last year). This corresponds to an increase of +42.32 % compared to the same month last year. The following is further key data on the distributions:

• Number of dividend payments: 11
• Number of payment days: 21 days
• Average dividend per payment: € 14.83
• average dividend per payment day: € 7.72

The top payers are:

• $DHL (+1,47 %)
• 
  $IMEU (+0,7 %)
• 
  $IWDP (+0,66 %)

My passive income from dividends (and some interest) mathematically covered 21.08% of my expenses in the month under review.

Crypto performance

My crypto investments also moved a little:

• Monthly performance portfolio: +0.72%
• Performance since inception: +70.90%
• Proportion of holdings for which the tax holding period has expired: 100%. This means that there have been no additional purchases for over a year.
• Crypto share of the total portfolio: 2.23%

I find the topic exciting, but it is very underrepresented in my overall portfolio due to my strategy. Profits have long since been realized, my focus here has long been elsewhere. Accumulation will take place in the coming bear market.

Performance comparison: portfolio vs. benchmarks

A comparison of my portfolio with two important ETFs shows:

• TTWROR (current month): +4.83%
• $VWRL (+0,81 %) +6.10%
• $VUSA (+0,68 %) : +6.89%

Outlook and conclusion

According to the tax estimate, I can expect a tax refund. When this arrives, part of it will be donated and the rest will of course be reinvested. May was also a no-spend month for me and, as a convinced frugalist, this went off without a hitch. I was able to reflect more closely on my spending behavior and even found further potential despite my basic low spend attitude. Now I'm preparing a Hartz IV/citizen's allowance experiment for at least 3-4 months (or more) for the second half of the year. Simply because I feel like challenging myself. My planned expenses and provisions according to the budget only just exceed my theoretical entitlement to citizen's allowance. More info coming soon on Instagram. After March and April, I was again able to record expenses of less than €1,000 per month in May. This will change in June due to a large annual insurance premium, but maybe I'll be lucky and stay at a maximum of €1,100 to €1,200. As in the previous months, I will continue to use the early summer in June for hiking, swimming and day trips.

👉 You want my review as an Instagram post?

Then follow me on Instagram:

📲 As well as the depot and budget review, there's also: @frugalfreisein

• One-pagers and carousel posts every Monday, Wednesday and Friday on topics such as wealth accumulation, frugalism and minimalism
• more story insights in the future
• Mindset, motivation & money-saving life hacks for your own journey

How was your May at the depot? Do you have any tops & flops to share? Leave your thoughts in the comments!

In a recent article, "Welt" pointed out the alternatives to the classic MSCI World when it comes to the "US share" cluster risk.

Almost 70 percent of the index is made up of US equities. And this can increasingly become a problem - especially in the age of US President Donald Trump.

This is precisely where the new ETF from BNP Paribas Asset Management comes in. The Easy MSCI World Equal Weight Select ETF (WKN: A417BH) reduces the US share to 35.8 percent.

The fund distributes all shares equally weighted. This means that it is not the big tech stocks such as Apple, Microsoft and Nvidia that set the tone, but every stock counts equally. In addition, stocks with the worst ESG ratings (environmental, social, governance) are excluded. This makes the fund a classic Article 8 fund - so it is also suitable for sustainability-oriented investors.

There is no longer a single US stock in the top 10 of this new index. Instead, there are European defense stocks such as $RHM (+2,2 %)
Rheinmetall, $BA. (+0,02 %)
BAE Systems and $SAAB B (+0,35 %)
Saab. In the classic MSCI World, the first 23 stocks come from the USA - only in 24th place comes $SAP (+0,47 %)
SAP comes a European.

In the current market phase, equally weighted variants have really caught up. They are up around one percent, while the MSCI World is down four percent. The MSCI World ex USA
$EXUS (+0,72 %) performed even better. Since the beginning of the year, it is eleven percentage points ahead of the classic.

The Invesco MSCI World Equal Weight ETF has raised half a billion euros within a short space of time and the MSCI World ex USA has now raised 2.4 billion euros.

Source (excerpt): "Welt", 03.06.25 | Graphic: ChatGPT

What is your opinion? Do you think these ETFs are attractive? I look forward to your comments.

📊 Stock markets: DAX soaring 🚀

The DAX #dax started today with a strong tailwind! 🎉

• Start: approx. 23,965 points (+1.4 %)
• Midday: around 24,035 points (+1.7 %)

Reason for the good mood? 😎 US President Donald Trump has postponed the threatened 50% tariffs on EU exports by one month. This has brought relief to the markets.

🇺🇸 USA: Stock markets are robust 💪

Optimism also prevails on Wall Street:

• Dow Jones#dowjones Closing price on Friday at 42,654.74 points (+0.78 %)
• S&P 500: approx. 5,955 points (+0.7 %)
• Nasdaq 100#nasdaq100 wa 21,425 points (+0.4 %)

The markets do not appear to be impressed by the latest tariff threats. 📈

📈 Economy: light and shade 🌤️

The German economy is showing mixed signals:

• GDP growth in the first quarter: +0.4% - twice as much as expected! 🎉
• Annual forecast: However, the economic experts only expect zero growth of 0.0% for 2025.

The export sector, in particular pharmaceutical products and automotive parts to the USA, should be highlighted as a positive factor. 🚗💊

🏢 Companies: German companies on the upswing 🌟

According to PwC, German companies have made gains in the global ranking:

• SAP:$SAP (+0,47 %) 31st place
• German Telekom$DTE (+0,31 %) : back in the top 100 in 73rd place
• Siemens: $SIE (+0,71 %) 74th place

A strong signal for the competitiveness of German companies! 💪

🔧 Industry: Hannover Messe with a focus on AI 🤖

Hannover Messe 2025 took place from March 31 to April 4 and set new standards:

• Over 4,000 exhibitors from 60 countries
• Around 130,000 visitors
• Top topic: Artificial intelligence in the industry
• Partner country: Canada

An exciting look at the future of industry! 🌐

⚠️ Data protection: Last chance to object 🛡️

Meta $META (+1,44 %) (Facebook, Instagram) plans to use user data for AI training - without explicit consent. 😬

• Deadline for objection: Today, May 26, 2025
• NRW consumer advice center complains, so far without success

If you want to protect your data, you should take action today!

🎯 Conclusion: A day full of dynamism and opportunities 🌈

Today is a day that shows how closely politics, business and technology are interlinked. It remains exciting to see how developments will continue in the coming weeks.

Before the moment is over again, I would like to take a moment to celebrate my first small milestone: after almost a year of active trading, I have reached €10,000.

Most of the time I was still a student - with small savings rates, a lot of curiosity and learning by doing (and many mistakes). I've now been working as an engineer for a month and can invest properly for the first time. I'm excited to see where the journey will take me.

I am pursuing a long-term growth strategy, but I also like the charm of dividends as a motivator. With half of the bonuses, I will probably buy individual shares or burn a penny or two by gambling.

I know things aren't going perfectly, but I'm prepared to learn from mistakes and constantly question my strategy.

One small fly in the ointment: my Mercedes shares are currently still blocked.

I look forward to your feedback, experiences and tips - on the subject of crypto, I'm still torn as to whether I've missed the party.

Savings plans: 690€

200€ - $IWDA (+0,71 %)

60€ - $EIMI (+0,81 %)

40€ each - $JEGP (+0,51 %)
$MAIN (+1,28 %)

25€ each - $NOVO B (+0,7 %)
$HTGC (+3,21 %)
$GOOGL (+0,91 %)
$WMT (+0,59 %)
$CRWD (+1,32 %)
$AMZN (+1,29 %)
$MELI (+2,13 %)
$META (+1,44 %)
$NET (+1,41 %)
$ALV (+1,34 %)
$WM (+0,68 %)
$ASML (+0,79 %)
$SAP (+0,47 %)
$PLTR (+1,89 %)