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DAX Stages Recovery After Early Slide

(RTTNews) - German stocks recovered from a weak start to edge higher on Tuesday after European Central Bank (ECB) President Mario Draghi defended the tools that the organization has available if a new recession were to materialize.

Speaking at the ECB Forum in Sintra, Portugal, Draghi stated that further cuts in policy interest rates and mitigating measures to contain any side effects remain part of the bank's tools. The asset purchase program still has considerable headroom, he added.

Focus now shifts to a two-day policy meeting of the U.S. Federal Reserve beginning later today, with analysts expecting another dovish shift in U.S. monetary policy.

The benchmark DAX was up 95 points or 0.79 percent at 12,181 after declining 0.1 percent the previous day.

Chipmaker Siltronic slumped nearly 14 percent after a warning that U.S. restrictions on exports to China would hit its sales and profitability. Shares of Infineon Technologies declined 1.4 percent.

Volkswagen advanced 0.8 percent after workers at its only factory in the U.S. voted against forming a factory-wide union.

BMW gained 0.8 percent and Daimler rose 0.6 percent after industry data showed EU car registrations gained 0.1 percent year-on-year in May, reversing a 0.4 percent fall in April.
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