DAX Climbs Higher On Tech Strength
(RTTNews) - German stocks gained modest ground in positive territory Tuesday morning even as the mood remained cautious amid elevated oil prices and higher bond yields.
Oil prices climbed higher due to the impasse in U.S.-Iran negotiations, with reports saying Iranian officials are not optimistic about the possibility of the two nations reaching an agreement before the US midterm elections in November.
Brent crude front-month futures, which climbed to $107.87 a barrel earlier, dropped to $105.50, up just marginally from previous close.
The benchmark DAX was up 63.31 points or about 0.25% at 25,470.42 about half an hour before noon.
Infineon Technologies moved up 3.2% and Siemens Energy gained about 2.75%, buoyed by a report in Reuters that Anthropic is betting on AI to transform the global economy and plans to use public investors to fund its growth.
Siemens climbed 2.1%, while Siemens Healthineers, Scout24, Deutsche Bank, MTU Aero Engines, Gea Group, Merck, Commerzbank and SAP gained 0.7%-1.1%.
Bayer, Rheinmetall and E.ON eased by 1.7%, 1.5% and 1.4%, respectively. Beiersdorf and Zalando both shed about 1.1%. Munich RE declined nearly 1%.
Fresenius Medical Care dropped about 1% following Berenberg slashing the stock's price target sharply and withdrawing its buy recommendation. Henkel, Mercedes-Benzz, Hannover RE, Daimler Truck Holding, Adidas and Deutsche Telekom also drifted lower.
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