The recovery on the German stock market continued on Tuesday. After a strong start to the week, the Dax continued to rise and even came close to the psychologically important mark of 13,000 points. Strong US stock markets proved to be the main driver after further quarterly reports in the world's largest economy were surprisingly good.
Support also came from the Bank of England, which is speculated to be delaying the sale of government bonds in a bid to calm markets. In a first reaction, however, the central bank described a corresponding report as "inaccurate". However, economic data from Germany had no significant impact.
The Dax, which at times reached its highest level in around four weeks, ultimately closed 0.92 percent higher at 12,765.61 points. "The breakout above the previous October high at 12,675 points was successful," wrote Konstantin Oldenburger, market analyst at CMC Markets. With an "ease that was previously not thought possible", the leap over the 12,900 mark was briefly achieved. At the same time, however, Oldenburger warned that this rally "is still in its infancy and is therefore on shaky ground" since the quarterly figures of major US tech companies are still pending.
The MDax of medium-sized German companies advanced by 1.16 percent to 23,248.90 points on Tuesday. Profits were also recorded across Europe and in the USA, but these also crumbled over the course of trading. The EuroStoxx 50 ended the day up 0.64 percent to 3463.83 points. In the USA, the Dow Jones Industrial gained 0.6 percent at the European stock market close, while the Nasdaq stock exchange moved into the red.
The Dax leader was the Heidelbergcement share with a plus of 3.8 percent, followed by the Mercedes-Benz paper, which rose by 3.4 percent. This was in line with the construction and automotive sectors, which were ahead in Europe.
Lufthansa's shares rose by a further 1.2 percent. As of late Monday afternoon, the stock had already benefited from the airline's doubled profit target for the current year. Analysts were now positive: Sumit Mehrotra from Societé Générale, among others, called the high target for the year a positive surprise and described the key figures for the third quarter as solid.
The Pfeiffer Vacuum share, the leader in the SDax, gained 10.2 percent. After a strong nine months, the vacuum pump manufacturer is also more optimistic about the year as a whole. Nagarro also went up by almost 5 percent after the IT service provider had again raised its annual targets.
The euro rate rose. The shared currency was trading at $0.9841 early in the evening. The European Central Bank set the reference rate at 0.9835 (Monday: 0.9739) dollars. The dollar thus cost 1.0168 (1.0268) euros.
On the bond market, the current yield rose from 2.15 percent on the previous day to 2.24 percent. The Rex pension index fell by 0.29 percent to 126.76 points. The Bund future gained 0.23 percent to 136.93 points.
