Frankfurt's DAX 40 cut early losses to close about 0.5% up to near 25,278 on Thursday, as traders assessed a flurry of corporate earnings. Meanwhile, markets remained wary on AI despite upbeat results from chip giant Nvidia. In the background remains the issue of tariffs imposed by President Trump and the talks between the United States and Iran in Switzerland. SAP led the gains, rising 3.1%, and Siemens added 1.9%, while Infineon Technologies shed 0.5%. Retailers were buoyed by Puma’s earnings, with Adidas up 2.5% and Zalando 0.7%, after the sportswear giant’s results beat expectations despite posting a loss. Allianz (+0.8%) rebounded, after posting record 2025 operating profit, with 2026 guidance below forecasts. On the downside, Deutsche Telekom fell 2.4% as it posted better-than-expected Q4 core profits, but offered mixed guidance for 2026. Munich Re lost 0.9% after its 2025 profits beat internal targets but missed analyst expectations.