German stocks rose notably on Tuesday as investors looked past concerns over a U.S. hedge fund default and rising yields to focus on recovery from the Covid-19 crisis.
Germany’s benchmark 10-year bond yield rose to its highest level in over a week, pushed higher again by rising U.S. Treasury yields in the wake of stimulus and vaccination progress.
U.S. President Joe Biden is set to outline his infrastructure spending plan on Wednesday in Pittsburgh.
The economic package worth about $3 billion will be split into two parts, with the first one focused primarily on transportation and other infrastructure.
The U.S. jobs data due Friday is expected to signal that the labor market recovery remains on track.
The benchmark DAX climbed 98 points, or 0.7 percent, to 14,916 after rising about half a percent the previous day.
Banks rebounded, with Commerzbank and Deutsch Bank rising around 2 percent.
Automakers BMW and Daimler rose more than 1 percent, while Volkswagen rallied 3.1 percent.
Uniper SE lost 3 percent. The energy company said that its chief executive officer Andreas Schierenbeck and chief financial officer Sascha Bibert will leave the company immediately.
Software company TeamViewer AG was down 0.7 percent. The company has announced its partnership with Mercedes-AMG Petronas Formula One Team and Mercedes-EQ Formula E Team.
In economic releases, German import prices increased for the first time in nearly two years in February, data released by Destatis showed earlier today.
Import prices advanced 1.4 percent year-on-year in February, reversing a 1.2 percent drop in January. This was the first increase in import prices since April 2019.
Export prices grew 0.7 percent year-on-year, following a 0.1 percent rise in January.
Business News
DAX Rises On Recovery Hopes
2021-03-30 09:06:04
