Frankfurt The German stock market recovered from its recent setback on Tuesday. The leading index Dax started trading at 12,971 points, an increase of 0.6 percent compared to the previous evening. The leading euro zone index, the EuroStoxx 50, also opened well in an internationally stabilized environment.
Investors in Tokyo were already in a buying mood on Tuesday. Above all, technology stocks rose, which had lost the most feathers in the previous two days. In China, meanwhile, concerns about the economy came to the fore after other cities tightened their corona restrictions. For example, the authorities in the southern Chinese city of Shenzhen closed the world’s largest electronics market, Huaqiangbei, on Monday to contain a corona outbreak.
Irrespective of this, the Dax is now heading back towards the 13,000 point mark, below which it slipped last Friday when it lost almost 500 points. Investors around the world were unsettled by the prospect of sharp rate hikes and a looming recession after US Federal Reserve Chairman Jerome Powell prepared financial markets for a long fight against inflation. Irrespective of this, the energy crisis in the European Union and Great Britain remains the determining factor for the German stock index, said analyst Konstantin Oldenburger from brokerage house CMC Markets.
The firmer opening does not change the fact that the fragile optimism of the buyers of the past few weeks is being put to the test these days, says Jochen Stanzl, chief market analyst at CMC Markets. In the afternoon at the latest, the price gains could be put to the test again when the current inflation data for Germany is reported at 2 p.m., which is likely to continue to be characterized by very high energy costs.
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The strong rise in prices in Germany eased somewhat in July with an inflation rate of 7.5 percent for the second month in a row – also promoted by government relief measures such as fuel discounts and the nine-euro ticket, which expire in September. Market observers therefore expect the ECB to raise interest rates significantly next week.
German Bunds started trading with price gains on Tuesday. Traders spoke of a countermovement to the significant losses at the start of the week. In the morning, the trend-setting futures contract Euro Bund Future rose by 0.22 percent to 148.73 points. The yield on ten-year Bunds was 1.48 percent.
Look at individual values
Bayer: After a price slide on Monday, investors at Bayer took the opportunity to get started. The papers were among the most traded values. Investors were optimistic that the pharmaceutical company now wants to test its drug candidate Asundexian against strokes in studies relevant to approval on a broad group of patients. The share gained 1.6 percent.
Eagle groups: The ailing real estate group announced news on Monday after the market closed, including half-year figures, a waiver of a dividend proposal and the permanent installation of Thomas Echelmeyer as chief financial officer. Overall, investors were not very excited, the share started 0.2 percent up. But it has also fallen significantly in recent months.
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