DAX Pares Some Gains After Rising To 3-week High
(RTTNews) - The German stock market's key index DAX climbed to a three-week high Tuesday morning, with recent encouraging regional PMI data, a recovery in commodity markets, and easing geopolitical and trade tensions aiding sentiment. Prospects of the U.S. Congress voting on a spending bill to end the government shutdown helped as well.
The DAX, which surged to 25,109.25 earlier in the session, was up 81.81 points or 0.33% at 24,866.73 a little before noon.
Daimler Truck Holding rallied 3.75%. Deutsche Post and Siemens Energy gained 2.3% and 2.2%, respectively. Commerzbank climbed 1.8%, while Rheinmetall, Mercedes-Benz, Deutsche Bank, Siemens, Fresenius and MTU Aero Engines advanced 1.3%-1.6%.
Fresenius Medical Care, BMW, Volkswagen, Brenntag, BASF, RWE and Allianz also moved higher.
Zalando tanked nearly 8%. The company faces challenge with the rapid rise of social-media commerce such as TikTok Shop, according to Morgan Stanley.
Merck drifted down 3% followed by a rating downgrade by Deutsche Bank. Infineon Technologies shed about 2.5%, and Scout24 eased by 2.1%. SAP, E.ON, Symrise, Deutsche Boerse and Hannover Rueck also were down in negative territory a little before noon, though with less pronounced losses.
Shares of wind turbin manufacturer Nordex gained nearly 1.5% after the company secured a 189MW order from OX2 for turbines at the Fragerasen wind farm in Sweden.
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