The DAX index, which monitors the performance of the 40 largest companies on the Frankfurt Stock Exchange, experienced an uptick on Wednesday due to reduced tensions between Ukraine and Russia.
Currently, the DAX index shows a rise of 0.17%, standing at 19,116.31 compared to its previous close at 19,083.28. Throughout the day, trading fluctuated between a peak of 19,191.83 and a low of 19,108.17.
Out of the 40 companies listed, 23 showed positive movement. Zalando led with an increase of 2.1%, followed closely by Heidelberg Cement, which rose nearly 2%. Airbus Group also saw gains of 1.9%. Deutsche Bank increased by 1.5%, while SAP saw an uplift of 1.1%.
However, Porsche experienced significant declines, with a drop of nearly 4%. Rheinmetall also decreased by 2.5%. Other notable declines include Porsche Automobil Holding, Sartorius, and Brenntag, all falling by over 1%.
In the forex market, the EUR/USD pair fell by 0.42%, trading at 1.0551, with a range between 1.0610 and 1.0547. Meanwhile, the EUR/GBP dropped 0.27% to 0.8333, whereas the EUR/JPY increased by 0.31% to 164.36.
Reflecting the global rise in bond yields amid easing geopolitical tensions, German bond yields climbed by 0.68%. The yield is now at 2.3550%, up from 2.3390% at the previous close, having ranged between 2.3700% and 2.3345% during the day's trading.
The increase in bond yields was also influenced by a notable surge in Euro Area wage growth, which rose to 5.4% in the third quarter from 3.5% in the second quarter, largely driven by developments in Germany. Earlier data revealed that producer prices in Germany decreased by 1.1% year-on-year in October, aligning with expectations after a 1.4% fall in the previous month.
