Frankfurt / Main (dpa) - After the reset on the previous day, more investors dared to enter the stock market on Wednesday. The leading index Dax rose in the first hour after the opening by 0.71 percent to 12,707.23 points.
The MDax of medium-sized German stock market stocks rose by 0.60 percent to 26,683.19 points. The EuroStoxx 50 leading index was up 0.8 percent.
In eleven days, the Dax had risen almost 19 percent by the beginning of the week without a major stop before investors took profits on Tuesday. "For those who were not there on the way up, every little reset is a welcome opportunity to buy," said market expert Thomas Altmann from QC Partners.
In the evening, the focus will be on the US Federal Reserve, which is unlikely to change anything about its corona crisis course. Above all, new forecasts for growth, inflation and the labor market should be considered. The Fed had already wanted to comment on this in March. However, this has been postponed due to the massive impact of the corona pandemic.
Commerzbank shares advanced by two and a half percent. According to a Bloomberg report, the bank, which has been partially nationalized since the financial crisis, is in trouble with the second largest shareholder. The US financial investor Cerberus, who has been involved in the bank since summer 2017, is very dissatisfied with the management of the bank and therefore wants two seats on the supervisory board. A trader said in the morning that Cerberus had been quiet for a while and accepted the price losses, but now seemed to be pulling the reins again, which should have a positive impact on the price.
The European banking sector was the strongest in the Stoxx 600 industry overview with a premium of around one percent and recovered from the previous day's weakness. In addition to Commerzbank, the Deutsche Pfandbriefbank also made significant gains in the MDax, most recently six percent. In the Dax, Deutsche Bank climbed to the top with an increase of almost three percent. According to the institute's CFO, loan loss provisions are expected to peak in the second quarter.
The major Swiss bank UBS downgraded Lufthansa shares from "Buy" to "Sell" and adjusted the price target from EUR 18.00 to EUR 5.85. Analyst Jarrod Castle based his sell recommendation on the massive loss of shareholder value as a result of the Corona crisis. The federal government also plans to extend travel warnings for more than 160 countries outside the European Union until the end of August. The Lufthansa shares initially lost a lot, but then turned positive with the recent figure of 0.6 percent. They have caught up around 70 percent since their crisis lows at the end of April.
The hardware store operator Hornbach Holding is sticking to the annual forecast after a strong jump in sales and profits in the first business quarter. The economic risks from the Corona crisis in the further course of business are considerable and difficult to estimate, the group said. For the stocks, it was in first place in the small cap index SDax by nine percent.