The dwindling fear of an energy crisis and a recession in Germany has den dax inspired on Tuesday. The leading German index rose by 2.7 percent to 13,308 points. The rally in the late afternoon was triggered by a Reuters report, according to which gas should flow again from Russia to Germany after the end of maintenance work on the important Nord Stream 1 pipeline on Thursday. However, the transport capacity will not be exhausted, said two people familiar with the Russian export plans. The Russian gas monopolist Gazprom had already cut the capacity of deliveries through Nord Stream 1 to 40 percent last month and attributed this to the maintenance of a turbine. Stockbrokers had puzzled over the past few days as to whether Russia would turn off the gas tap completely in retaliation for Western sanctions. According to experts, the resulting lack of energy would plunge Europe into a recession.
In terms of share values, the German gas supplier Uniper, which got into trouble due to reduced Russian deliveries, was one of the favorites with a plus of ten percent. Investors also grabbed the chemical companies BASF and Covestro, for which natural gas is important as an energy source and raw material. Their titles rose by up to 5.8 percent. Otherwise, the utility stocks, which are considered relatively “safe havens” in turbulent times, rose significantly. The shares of RWE and Eon rose by more than four percent. One of the M-Dax favorites was the Fraport share, which rose by 3.6 percent. After the price losses in June, analysts pointed to entry opportunities. The financial burden on the airport operator due to personnel problems in handling should be kept within limits, it said. The heavily indebted utility EDF was the focus of attention on the Paris stock exchange. The takeover bid of almost ten billion euros by the French state caused the share to jump by almost 15 percent.
Listed on Wall Street Dow Jones 1.6 percent higher at mid-trade. The warning of negative impacts from the strength of the dollar overshadowed IBM’s surprisingly strong quarterly sales. The shares of the IT group fell by 6.7 percent.