German stocks rallied on Tuesday after Shanghai, China’s largest city, pledged to gradually ease its Covid lockdown and return life to normal in June.
The benchmark DAX jumped 210 points, or 1.50 percent, to 14,174 after declining half a percent the previous day.
Travel-related stocks were in demand, with airline Lufthansa climbing nearly 3 percent.
Daimler Truck Holding soared 5.3 percent. The commercial vehicle manufacturer raised its full-year revenue guidance and backed its margin guidance for the year, despite rising raw materials prices and inflationary pressures.
Asian markets ended mostly higher and U.S. stock futures pointed to a higher open on Wall Street later in the day as investors await earnings from retailers including Walmart and Home Depot.
Germany’s 10-year government bond yield hit an almost one-week high above 1 percent after hawkish comments from ECB policymaker Francois Villeroy de Galhau.
DAX Rallies Amid China Covid Relief
2022-05-17 09:09:26
