The Dax barely moved at the start of trading on Thursday. Investors are waiting because the US government’s eagerly awaited labor market report for March is on the agenda on Friday.

Shortly after the start, the leading German index fell by 0.08 percent to 18,353.36 points. The MDax fell by 0.09 percent to 27,035.23 points. The EuroStoxx 50, the leading index of the Euroregion, gained 0.02 percent to 5070.45 points.

On the Tuesday after Easter, the German stock market barometer had climbed to 18,567 points, a record high, before profit-taking began in the wake of weaker Wall Street. A slight recovery followed on Wednesday as inflation in the euro zone weakened surprisingly sharply in March, giving fresh impetus to hopes of a first key interest rate cut in June.

In the USA, however, where the majority of strong economic data were presented again on Wednesday, central bank President Jerome Powell once again reiterated the Fed’s wait-and-see attitude. The Fed will wait for clearer signs of lower inflation before cutting interest rates, it said.

“The market has been discussing the discrepancy between interest rate cut expectations and economic reality for three months now,” said Stephen Innes, Managing Partner at SPI Asset Management. “If Friday’s March jobs report beats expectations, particularly if it is accompanied by strong average hourly wages, it could be a moment of truth for stocks,” he said.