German stocks joined a global rally on Tuesday after Russian and Ukrainian negotiators began face-to-face talks in Istanbul.
Turkish President Recep Tayyip Erdogan opened the talks by calling for an immediate cease-fire and saying that “we should expect solid outcomes.”
The benchmark DAX jumped 181 points, or 1.3 percent, to 14,598 after rising 0.8 percent in the previous session.
Banks traded mixed, while automakers BMW and Volkswagen were up around 2 percent each.
Investors shrugged off results of a closely-watched survey showing that Germany’s consumer confidence is set to weaken more than expected in April, hurt significantly by the war in Ukraine.
The forward-looking consumer confidence index dropped to -15.5 from a revised -8.5 in March, the market research growth GfK said. Economists had expected a reading of -14.
Separate data from Destatis showed that Germany’s import price inflation moderated slightly in February but remained at an elevated level.
Import prices grew 26.3 percent on a yearly basis in February, slower than the 26.9 percent increase in January. The rate was forecast to remain stable at 26.9 percent, which was the strongest since October 1974.
DAX Joins A Global Rally As Peace Talks Resume
2022-03-29 08:58:28
