BRUSSELS (dpa-AFX) - After opening marginally up, the German market's benchmark index DAX gained further ground in positive territory on Tuesday, led by strong buying momentum in agrochemical and pharmaceutical major Bayer.
Signs of progress in Ukraine peace talks aided sentiment. After U.S. officials met a Ukrainian delegation in Florida, Ukrainian President Volodymyr Zelenskyy said that the revised U.S. proposal for ending the war with Russia 'looks better.'
According to media reports, U.S. President Donald Trump's special envoy Steve Witkoff has left for Moscow to meet Russian President Vladimir Putin and discuss a revised 19-point peace plan to end the Ukraine war.
The DAX was up 189.13 points or 0.8% at 23,786.57 a little while ago.
Bayer shares soared 15% this morning after the Trump administration supported the company's bid to get the Supreme Court to curtail litigation alleging its Roundup pesticide causes cancer. The stock pared some gains subsequently and was last seen up 9%.
Siemens Energy climbed about 3.5%. Deutsche Bank and BASF gained 2.5% and 2.3%, respectively.
Volkswagen, Deutsche Boerse, Infineon, Commerzbank, Mercedes-Benz and Porsche Automobil advanced by 1 to 2%.
Scout24, Gea Group, Daimler Truck Holding, Qiagen, Brenntag, SAP, Henkel and Adidas were down with sharp to moderate losses.
In economic news, Euro area consumer price inflation rose to 2.2% in November, up from 2.1% in October and slightly above market expectations of 2.1%, according to a preliminary estimate.
Among Europe's largest economies, Germany's inflation rate accelerated to 2.6%, the highest since February and above the ECB's 2% target. Meanwhile, inflation in France remained well below target, at 0.8%.
The Euro Area seasonally adjusted unemployment rate was at 6.4% in October, matching September's revised reading and slightly above market forecasts of 6.3%.
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