The German stock market was stable on Tuesday despite further increases in oil prices and weakening US economic data. Around noon, the Dax climbed to almost 15,737 points, its highest level for around 14 months and thus also an annual high. In the afternoon, however, the leading index crumbled again in the course of falling prices on Wall Street.
Ultimately, the Dax was up 0.14 percent to 15,603.47 points, which means that there has been a gain of around twelve percent for 2023 so far. The MDax of medium-sized stocks fell by 0.09 percent to 27,420.99 points on Tuesday.
The stock exchanges were dampened by the news that US industrial orders fell more sharply than expected in February. The day before, data on sentiment in US industry had already disappointed. Oil prices continued to rise after the previous day’s surge. The reason is an announced cut in global oil production.
“The central banks are trying to get inflation under control. And in fact, inflation is gradually falling. Now the recent rise in oil prices could put a spanner in the works for the monetary authorities,” fears analyst Christian Henke from broker IG.
Among the individual values in the Dax, Rheinmetall’s armaments shares reached a record high after an order was reported and ultimately gained 0.8 percent. At the top of the leading index were the papers of the pharmaceutical and specialty chemicals group Merck KGaA, which rose by 2.3 percent without any fundamental news.
A positive analyst study by Bank Morgan Stanley helped the papers of drug researcher Evotec to gain 2.1 percent in the MDax. The leaders in the index of medium-sized companies were the shares of the IT service provider Nemetschek with a plus of 2.4 percent.
PVA Tepla, the top value in the SDax small-cap index, gained 4.3 percent after the experts at Exane BNP Paribas expressed more confidence in the technology company’s shares than they had recently.
At $1.0973, the euro hit its highest level since early February and was last traded at $1.0951. The European Central Bank (ECB) had set the reference rate at $1.0901 in the afternoon. The dollar had thus cost 0.9173 euros.
On the bond market, the current yield fell from 2.38 percent on the previous day to 2.32 percent. The Rex pension index rose by 0.01 percent to 125.92 points. The Bund future fell by 0.02 percent to 136.48 points.
