German stocks opened higher on Tuesday, buoyed by continued record-setting momentum from Wall Street. The DAX index gained 0.5 percent to reach 23,635 points in morning trading, while the MDAX of mid-sized companies advanced 0.7 percent to 30,362 points. The Euro Stoxx 50, representing the eurozone's leading shares, also climbed 0.3 percent higher.
The positive sentiment followed strong performance in US markets, where the Dow Jones Industrial Average and broad-based S&P 500 continued to narrow their year-to-date gap with German indices. Nasdaq indexes have caught up with the DAX, posting an 18 percent gain. While US benchmarks began their record chase around mid-July, the German leading index has been awaiting a new peak since that time.
Analyst Jochen Stanzl from CMC Markets viewed the relative stability of the German benchmark positively, noting that "the fact that the DAX isn't falling more sharply despite seasonal weakness speaks to inner strength." He added that "the window for an autumn correction, which could be explained by seasonality, is slowly but surely closing."
Within the market movement, Commerzbank shares underperformed as the DAX's weakest component, declining 2.4 percent following an analyst downgrade. Keefe, Bruyette & Woods lowered its rating on the bank's shares from "Market Perform" to "Underperform" while maintaining a price target of €32. Analyst Tom Hallett acknowledged expectations for significant profit improvements at the financial institution but indicated these were already largely priced into the stock.
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