The German stock market posted further gains on Tuesday. The courses were supported by the relaxation of the strict quarantine regulations in China against Corona.
The German stock market posted further gains on Tuesday. The courses were supported by the relaxation of the strict quarantine regulations in China against Corona.
Market traders hope that the heavy burdens on the Chinese economy will be alleviated somewhat, with positive consequences for the global economy.
The leading index Dax was 0.72 percent higher in the afternoon at 13,281 points. However, he did not get past his previous day’s high of 13,378 points, which he had approached in early trading. The MDax for medium-sized stocks recently increased by 0.40 percent to 27,261 points. The leading eurozone index, the EuroStoxx 50, rose by 0.7 percent.
Statements by central bank representatives made people sit up and take notice. According to Martins Kazaks, Governing Council member of the European Central Bank (ECB), a larger rate hike of 0.5 percentage points should be considered in July. This statement temporarily let the price gains melt away a little in the morning. In addition, ECB President Christine Lagarde said the ECB could increase the pace of monetary policy normalization in the coming months given persistently high inflation. The central bank’s annual monetary policy symposium is held in Sintra, Portugal.
Lufthansa with a reduced plus
Aviation stocks were in demand amid China’s lockdown and resurgent tourism. In addition, JPMorgan analyst David Perry referred to new forecasts from the umbrella organization of airlines (IATA), which appeared optimistic. According to Perry, if the easing of the pandemic in Asia goes faster than expected, aviation suppliers could raise their profit forecasts.
In the Dax, MTU gained 3.2 percent and Airbus 2.2 percent. In the MDax, Fraport rose by 2.2 percent. Lufthansa reduced its plus to just 0.7 percent. In view of a sharp increase in ticket demand, Lufthansa is now also putting the Airbus A380 wide-body jet back into operation.
Adidas and Puma were on the lookout for Nike figures, losing 1 percent and 1.3 percent respectively. The US sporting goods maker earned significantly less in the most recent fiscal quarter, which weighed on Covid lockdowns in China. One retailer primarily criticized the outlook for gross margins.
Hugo Boss wins
A buy recommendation for Hugo Boss issued by the analysis firm Jefferies brought the fashion manufacturer’s shares price gains of three percent. The Metzinger would “from boss to leader,” wrote analyst Kathryn Parker. Social media data showed the brand’s trend reversal. According to the expert, the annual targets are already conservative.
After another increase in the operating profit forecast, Verbio’s shares jumped just over 50 euros with an increase of more than eight percent. Most recently, they were 4.8 percent more expensive than the day before. A stockbroker praised the new goals, which were clearly above market expectations. In addition, recent concerns that the G7 summit will put further pressure on biofuel regulations have not materialized.
The euro cost 1.0554 US dollars in the afternoon. The ECB had set the reference rate at $1.0572 the day before. On the bond market, the current yield rose from 1.40 percent on the previous day to 1.51 percent. The Rex pension index fell by 0.43 percent to 131.98 points. The Bund future recently lost 0.81 percent to 145.21 points.
