FX.co ★ DAX Attempts Rebound

The DAX index in Frankfurt inched up by 0.2%, exceeding the 23,500 mark on Wednesday as it attempted to recover from significant declines experienced in the previous session. This movement aligns with trends observed across other European stock markets. The downturn on Tuesday was attributed to a widespread bond market selloff, fuelled by apprehensions regarding debt sustainability in leading economies like the United States, the United Kingdom, France, and Japan. Meanwhile, investors turned their attention to a series of PMI surveys. As per final data, Germany's private sector recorded modest growth in business activity for the third consecutive month in August. On the corporate front, Adidas emerged as a leading performer, surging by more than 3%. This rise followed Jefferies' upgrade of its rating on the German sportswear company, elevating it from "hold" to "buy." The brokerage highlighted increasingly diverse growth drivers as factors bolstering Adidas's business. Other notable gainers included Zalando, Bayer, Airbus, Merck, SAP, and Volkswagen, each advancing by 1% to 2%.