After the lively start to October, the Dax impressively continued its recent upward trend on Tuesday. In the first half hour after the start of trading, the leading German index rose by 1.80 percent to 12,429 points. The MDax for medium-sized companies rose by 1.87 percent to 23,0959 points. One of the main drivers on the second trading day of the week is the hope that the central banks will adopt a slightly less harsh monetary policy. In the previous week, the Dax had fallen to 11,862 points, its lowest level since November 2020.
“It’s no longer just bargain hunters looking for undervalued stocks who appear as buyers,” said portfolio manager Thomas Altmann from asset manager QC Partners. “Those who speculated that the market would continue to fall are now being caught flat-footed. To cut their losses, they need to buy into the rising market now.”
The US indices, which had also started October strongly the day before, are also setting the pace of recovery. After the weakest September in the past 20 years, disappointing mood data from US industry helped, according to the experts at Credit Suisse. This setback eased concerns that the US Federal Reserve would tighten the reins on monetary policy even further. A less significant interest rate hike in Australia than expected fits into this picture in the morning.
Chip values presented themselves firmly. Infineon gained five percent at the top of the Dax. Tech stocks were already in high demand in Asia. Hopes of slightly less pressure from the central bank drove the rate-sensitive sector.
The assets of the sports car maker Porsche AG recovered somewhat from their recent weakness with a plus of 1.2 percent, after falling below the issue price at their IPO on Thursday last week for the first time on Monday.
