At the end of what has been a good week so far, the Dax has lost its feathers again.

Also burdened by another profit warning from Adidas, the leading German index was down 1.15 percent at around 12,600 points towards the end of the first hour of trading.

This means that his weekly plus, which peaked at almost 4 percent on Tuesday, is currently only 1.5 percent.

Market expert Thomas Altmann from the asset manager QC Partners sees rising interest rates as a "great concern for equity investors".

The M-Dax also fell by 1.41 percent on Friday to just under 23,000 points, while the Euro Stoxx lost a good 1 percent in value.

The US stock exchanges had not been in positive territory the previous evening.

"Following the small signs of hope at the beginning of the week, the market has returned to its currently normal course," wrote the experts at Bankhaus Metzler in the morning.

"Since the economic agenda is practically empty on both sides of the Atlantic today, investors can once again reflect and start thinking about the orientation for the new trading week." Then, in addition to the reporting season, the next interest rate decision by the ECB on Thursday will be a big highlight for investors .

SAP in the plus

On this Friday, stockbrokers also consider fluctuations possible because of the small expiration day.

According to Altmann, it's exceptional that the October decay is causing a lot of buzz and perhaps market movement.

Normally this is reserved for the big expiration days at the end of the quarter.

According to the expert, large positions that are close to the market level and could cause movement accordingly are at 12,650 and 12,500 points.

The Adidas share contributed negatively to the Dax development due to annual forecasts being cut again.

This was partly blamed on homegrown problems in China, sluggish demand in many countries and rising costs.

The share price fell 9 percent to its lowest level since 2016. In ten years of monitoring the sporting goods sector, sentiment has never been so negative, said JPMorgan expert Chiara Battistini.

Puma shares were also included at a discount of 5.2 percent.

The shares of PNE Wind fared better, rising by 1.4 percent, but this was significantly less than expected before the stock market started.

Photon Management, the majority shareholder controlled by Morgan Stanley, intends to hold open-ended preliminary talks with potential buyers.

For investors, this caused some speculation about the price: if the entire stake is sold to a buyer, a takeover bid may have to be submitted.

The shares of Kion and Scout24, on the other hand, showed weakness, slipping by 4.4 and 2.9 percent as a result of negative analyst assessments.

Bankhaus Metzler gave up its buy recommendation for Kion because it took time to solve many of the warehouse technology manufacturer's home-grown problems.

At Scout24, Warburg Research canceled the buy recommendation for the online portal operator out of concern for the real estate environment.

With the 0.6 percent higher SAP papers, there was also a positive exception in the Dax after the US bank JPMorgan upgraded to "overweight".

Analyst Toby Ogg described the software group as the "top pick" in the European industry environment.

In his opinion, the course reflects the economic uncertainty too much, while the ongoing change to the cloud is not properly appreciated.