FRANKFURT (dpa-AFX) - The German stock market embarked on a recovery path on Wednesday. Following significant losses the previous day, which had dragged the Dax back below the 24,000-point threshold, the benchmark index rose by 0.9 percent to 24,160 points at the opening bell. Only last week, optimism regarding an agreement between the US and Iran had propelled the Dax to just over 25,150 points, its highest level since the start of the war. As those hopes evaporated, the recovery gains likewise dissolved.
The MDax, which tracks mid-cap stocks, gained 1.1 percent to 31,360 points in morning trading. The Eurozone benchmark EuroStoxx 50 index climbed 0.6 percent to 5,845 points.
The primary focus remains US President Donald Trump's state visit to China. According to market expert Jochen Stanzl of Consorsbank, it is 'the most closely watched event'. Ostensibly, the focus is on trade, as Trump is traveling to Beijing with a 'who's who of the American economy', he noted. However, the visit is overshadowed by the war in Iran. Domestic political pressure on Trump to end the conflict has intensified further in light of recent high inflation. 'Whether he will find the answers in Beijing, however, remains questionable,' Stanzl added./ck/jha/
