DAX Rebounds As Auto And Travel Stocks Surge
(RTTNews) - German stocks rose notably on Tuesday as the dollar paused for breath and U.K. ten-year gilt yields slipped back after their recent surges.
Euro zone government bond yields rose to new multi-year highs, with German 10-year bond yields hovering near 11-year highs as investors awaited comments from four members of the European Central Bank Governing Council later in the day.
The benchmark DAX was up 113 points, or 0.9 percent, at 12,341 after losing half a percent the previous day.
Jungheinrich AG shares jumped 3 percent. Hans-Georg Frey has decided to resign as member and also as Chairman of the Supervisory Board with effect from the end of the Annual General Meeting on 11 May 2023.
Hugo Boss fell 1.7 percent after Deutsche Bank downgraded the stock to 'hold' Automakers BMW and Volkswagen were up over 1 percent.
Travel related stocks were also gaining ground, with Lufthansa adding 1.4 percent and TUI climbing 2 percent.
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