Strong targets from the US technology exchange Nasdaq and from the stock exchanges in Shanghai and Hong Kong put the German stock market on course for recovery on Tuesday. The Dax continued its stabilization from the day before and closed with an increase of 0.66 percent at 15,705.62 points. The MDax for medium-sized titles gained 0.84 percent to 27,239.60 points.
The other leading European exchanges also went up. The EuroStoxx 50 gained 0.84 percent to 4260.37 points. Paris’ Cac 40 was up 0.6 percent and London’s FTSE 100 was up 0.2 percent. In New York, the Dow Jones Industrial was down 0.1 percent at the close of the European stock market.
All eyes are already on the central bankers’ meeting in Jackson Hole, Wyoming, which begins on Thursday. The speech by US Federal Reserve Chairman Jerome Powell in particular is being eagerly awaited. According to analyst Konstantin Oldenburger from CMC Markets, the event could straighten out certain issues on the financial markets. “Two or three weeks ago, optimism about a “soft landing” for the US economy reached its peak. Since then, a hint of recession worries and economic distrust have returned, mainly due to weak signals from China,” said Oldenburger.
Tech stocks were in demand across Europe. In the Dax, SAP’s shares rose by 2.1 percent after Metzler Bank included the software developer’s shares in its “buy” rating. With Infineon, another tech stock was one of the top values in the leading index with a plus of 2.7 percent. In the MDax, Teamviewer benefited from strong figures from the US video service provider Zoom, up 2.8 percent.
BASF’s shares increased by 0.5 percent. The chemical company is considering selling the catalyst business, which is worth three billion euros, reported the Bloomberg news agency and referred to informed people.
Among small caps, Nordex gained 5.7 percent, supported by a major order from Canada for 49 wind turbines. SFC Energy shares rose 1.1 percent. The fuel cell producer earned more than expected in the second quarter.
The last price paid for the euro was 1.0846 US dollars. The European Central Bank set the reference rate at $1.0887 in the afternoon.
On the bond market, the current yield rose from 2.66 percent on Monday to 2.69 percent. The Rex pension index fell by 0.11 percent to 123.43 points. The Bund future rose by 0.40 percent to 131.22 points.
