DAX Rebounds After Slump


German stocks bounced back on Tuesday from their recent selloff sparked by increased anxiety around the economic hit from the coronavirus outbreak and the oil price plunge to multi-year lows the previous day.


Underlying sentiment improved somewhat as oil prices rebounded and U.S. President Donald Grump said he will seek a payroll tax cut and "very substantial relief" for industries that have been hit by the virus.


Elsewhere, Japan is expected to approve a financial aid package worth 1.1 trillion yen ($10.7 billion) for small and medium-sized enterprises which need financing over the next two to three weeks.


The benchmark DAX jumped 270 points, or 2.54 percent, to 10,901 after losing as much as 7.9 percent the previous day.


Banks Commerzbank and Deutsche Bank were up 5-7 percent. Automakers BMW, Daimler and Volkswagen soared 4-5 percent.


Chipmaker Infineon Technologies soared 19 percent after U.S. officials found no national security concerns with its proposed $10 billion takeover of U.S. firm Cypress Semiconductor Corp.


Energy generation and energy trading company Uniper SE, a subsidiary of E.ON SE, gained 3.7 percent. The company posted net income of 610 million euros for fiscal year 2019, compared to a net loss of 401 million euros in the prior year.


Schaeffler AG, an automotive and industrial supplier, surged 6.5 percent as it posted significantly lower profit for the full year 2019, with a slight improvement in revenues.


Deutsche Post DHL Group rallied 6 percent after its net profit for fiscal year 2019 increased 26.4 percent.

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