Dax Rebounds On Tuesday
(RTTNews) - The DAX benchmark that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange rebounded on Tuesday amidst the spotlight on the latest U.S. sanctions on Iran.
The DAX benchmark has rallied 0.49 percent overnight to trade at 26,234.08, versus 26,106.60 at the previous close. The day's trading ranged between a high of 26,272 and a low of 26,164.
In the 40-scrip index, only 17 scrips are trading in the overnight negative territory. Scout24 topped with gains of 3.2 percent. Infineon Technologies as well as Siemens Energy, both gained more than 2 percent. Siemens Healthineers led losses with a decline of 0.84 percent. Volkswagen and Rheinmetall too followed with losses of more than 0.75 percent.
Amidst market spotlight on the U.S. sanctions on Iran as well as the burgeoning fiscal risks, the U.S. dollar has firmed up mildly. The six-currency Dollar Index has strengthened 0.07 percent overnight and is currently trading at 99.08, after ranging between 99.02 and 99.12. The index had closed at 99.00 on Monday. In tandem, the EUR/USD pair has edged down 0.02 percent to 1.1662 after ranging between 1.1671 and 1.1651. The EUR/GBP pair is trading 0.01 percent higher at 0.8554. Meanwhile, the EUR/JPY pair has rallied 0.19 percent and is currently trading at 185.90.
Though global bond yields are trading in a mixed fashion, ten-year German bond yields have increased, aligning with the trend in much of Europe. Yields are currently at 3.2521 percent, hardening 0.17 percent overnight from 3.2465 at the previous close. Yields ranged between 3.2388 percent and 3.2646 percent in the day's trading as investors raised bets of a rate hike by the European Central Bank.
Data released on Tuesday showed Germany's Ifo Business Climate Index rising to 88.8 in August. The highest level in the year surpassed market expectations of 87.2, implying a gradual improvement in sentiment across Europe's largest economy.
