The DAX index in Frankfurt trimmed its earlier losses of almost 2%, trading around 23,140 on Tuesday afternoon, as investors monitored the second round of voting in the German Parliament. This second vote followed Friedrich Merz, leader of the conservative CDU and a leading contender for the chancellor position, failing to secure the necessary 316 votes for a parliamentary majority, garnering only 310 in the initial round. Meanwhile, attention in the market was also directed towards the ongoing earnings season, anticipating the Federal Reserve's upcoming decision on Wednesday.
In terms of corporate performance, sectors such as technology, banking, retail, and automotive were among the top decliners. Conversely, some companies experienced gains due to positive earnings reports. Notably, Hugo Boss surged nearly 7% following a revenue beat, Fresenius Medical Care rose by more than 4% after posting robust first-quarter results, and Continental advanced 2.4% on achieving a four-year sales high. Additionally, Zalando exceeded first-quarter sales expectations and reaffirmed its guidance for the full year.
