DAX Tries to Recover

The DAX 40 attempted a cautious recovery on Tuesday, trading around 24,700, supported by strength in chipmakers and some easing in Middle East tensions. Markets were encouraged by Israel and Iran agreeing to halt strikes against each other following an appeal from US President Trump, who indicated that diplomatic talks with Iran were moving forward. Better-than-expected German industrial production and exports for April added further support. Meanwhile, traders braced for Thursday’s ECB decision, where a 25 bps rate hike is widely expected. Symrise led gains among stocks, up 4.1%, after JPMorgan reaffirmed its Buy rating and kept its €100 price target unchanged. Infineon Technologies also advanced firmly, up 3.3%. Other top performers included Deutsche Bank (2.5%), Allianz (1.4%) and Commerzbank (1.4%). On the downside, SAP underperformed, falling 1.5%. BASF, Bayer Brenntag and Siemens Energy also faced increased pressure, with losses around 1% each.
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