Frankfurt / Main (dpa) - The German stock market has again taken a recovery course on Tuesday and has stabilized.
The Federal Constitutional Court's ruling on multi-billion euro government bond purchases by the European Central Bank (ECB) caused nervousness and temporary profit-taking for a short time. The impetus came from the USA thanks to positive impulses, where the stock markets should continue to grow after a friendly start to the week.
The Dax rose after a two-day price slide in the afternoon by 1.80 percent to 10,654.72 points, although traders remained cautious given the relatively low trading volumes. The MDax rose 2.60 percent to 23,013.93 points. The Eurozone leading index EuroStoxx 50 rose by 1.4 percent.
In the morning, the Federal Constitutional Court has mostly held several lawsuits against the ECB's extensive government bond purchases since 2015. The decisions of the central bank were made contrary to competence, the Karlsruhe judges decided. The Federal Government and the Bundestag had violated fundamental rights by doing nothing.
From the perspective of LBBW economist Uwe Burkert, the ECB achieved partial success because its purchase program was not assessed as government funding. However, the arbitration award included "explosives", since the ECB was accused of exceeding its powers.
The chip company Infineon had already submitted its report on Monday evening after the market closed. According to JPMorgan analyst Sandeep Deshpande, the second quarter was slightly better than expected. However, the signals for the third are clearly worse and the confidence in the targeted annual targets is quite low. The stock rose 4.3 percent after losing almost 7 percent the previous day.
Vonovia shares rose 5.2 percent. The real estate group reported an increase in profits against the background of multi-billion dollar purchases abroad and higher rental income in the first quarter. The outlook has been confirmed. Beiersdorf, however, fell by 3.4 percent as the Dax taillight after detailed sales figures. The consumer goods manufacturer also faces challenges in the second quarter. In addition, UBS analyst Charles Eden called the sharp drop in sales of the luxury brand La Prairie "disappointing".
Lufthansa shares rose by 2.6 percent. The airline, which was hit hard by the pandemic, held its general meeting on the Internet. Questions about state aid were excluded.
Quarterly balance sheets were otherwise presented by numerous second-tier companies, such as Grenke, Hellofresh, Siemens Healthineers, Hugo Boss and Pfeiffer Vacuum. Grenke, one of the favorites in the MDax, grew by 6.3 percent. The cookbox supplier Hellofresh as one of the few winners in the corona crisis significantly increased the forecast for the current year. The share then jumped to a record high at EUR 36.60. Most recently, it went up by 8.7 percent to 35.86 euros. However, after a disappointing first quarter, Hugo Boss stocks fell by 3.3 percent to the end of the mid-size index.
The current yield on the bond market rose from minus 0.57 percent the previous day to minus 0.54 percent. The Rex index rose 0.17 percent to 145.28 points. The Bund future gained 0.15 percent to 174.37 points.
The rate of the euro came under pressure after the judgment of the Federal Constitutional Court. In the early afternoon, the euro cost $ 1.0848. The ECB set the reference rate at $ 1.0942 on Monday.
