Stock exchange in Frankfurt: Dax back to the highest level since August

On Tuesday, before important political decisions were made in the USA, the Dax expanded its gains from the past few trading days.

Stock exchange in Frankfurt: Dax back to the highest level since August

On Tuesday, before important political decisions were made in the USA, the Dax expanded its gains from the past few trading days. The leading German index rose towards 13,700 points and closed at its highest level since August. It went out of business with an increase of 1.15 percent to 13,688.75 points.

The MDax of medium-sized stocks rose by 1.64 percent to 24,479.60 points. The Eurozone leading index EuroStoxx 50 advanced by 0.82 percent to 3739.28 points. In the US, the Dow Jones Industrial and the Nasdaq 100 index rose by a little more than one percent at the European market close.

The midterm elections in the USA on Tuesday are about the majorities in both houses of parliament, the House of Representatives and the Senate.

Among the Dax values, Bayer shares lost 4.8 percent at the end of the index, and the pharmaceutical and agrochemical group's outlook for the year that was coming to an end was obviously not well received. Bayer now expects more headwind than before in terms of profitability.

The shares of the genetic diagnostics group Qiagen gained 5.3 percent and pulled up those of the laboratory supplier Sartorius at the same time. The price increase there was 6.3 percent. After good business, Qiagen once again raised its annual targets.

The papers of the reinsurer Munich Re gained 2.7 percent. Here, DZ Bank analyst Thorsten Wenzel rated the confirmation of the profit target as a sign of strength despite the burden of major losses.

Adidas increased by 4.4 percent after the change at the top of the group was confirmed. The previous Puma boss Björn Gulden will replace Kasper Rorsted in early 2023. The prospect of this change had already catapulted the Adidas paper upwards on Friday.

Technology stocks were also popular across Europe. A positive view on semiconductor stocks by Morgan Stanley and a strong performance by US chipmaker Globalfoundries in the third quarter were supportive. Infineon took the top spot in the Dax with a plus of 7.1 percent. Aixtron were ahead in the MDax with a plus of 6.4 percent.

The euro was trading at $1.0088 early in the evening. The European Central Bank set the reference rate at 0.9996 (Monday: 0.9993) dollars. The dollar thus cost 1.0004 (1.0007) euros.

On the bond market, the current yield rose from 2.21 percent on the previous day to 2.27 percent. The Rex pension index fell by 0.24 percent to 126.42 points. The Bund future rose by 0.57 percent to 136.96 points.

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