The calming of the situation in the banking sector continued to drive the recovery of the German stock market on Friday. The leading index Dax continued its recent recovery on Friday and rose by 1.0 percent to 15,111 points in early trading. Before the weekend, the central bank support for the ailing Swiss bank Credit Suisse and the interest rate decision of the European Central Bank (ECB), which had caused a positive reaction on the financial markets, continued to have an impact. In the fight against high inflation, the monetary authorities had not been deterred by problems in parts of the US banking industry.
In addition, the largest American financial institutions have now provided billions in support for the US regional bank First Republic, which has fallen into difficulties in the wake of the recent turbulence in the financial sector. "Of course, the banking issue is not gone. But it has lost much of its explosiveness," said portfolio manager Thomas Altmann from asset manager QC Partners.
Commerzbank and Deutsche Bank each climbed by around 3.5 percent. Deutsche Post was also among the favorites with an increase of around 3 percent to 41.27 euros. The raised forecast at US rival FedEx also makes investors optimistic about the prospects of the German letter and parcel delivery company. The M-Dax of medium-sized corporate stocks rose by 0.7 percent to 27,228 points in the first minutes of trading. In Europe, the trading day also started positively: The EuroStoxx 50, the eurozone's leading index, rose by 1.1 percent to 4161 points.
In the course of the day, the so-called large decline could still cause fluctuations in the stock indices. Around noon, options and futures contracts on the Dax and the leading eurozone index EuroStoxx 50 expire on the derivatives and derivatives exchange Eurex. Investors try to move the indices in the direction favorable to their market position on expiry dates. Therefore, it often comes to sudden price capers.