FRANKFURT (dpa-AFX) - Licking wounds was the motto on the international stock markets on Tuesday. After the Dax slumped by up to almost 1,500 points in just three trading days, the free fall has come to an end for the time being. In the evening, the leading German index closed with a moderate gain of 0.09% at 17,354.32 points. The MDax fared somewhat better with a gain of 0.48% to 24,080.17 points.

The Dax remained well above the previous day's low, when it threatened to fall below the 17,000-point mark. However, it was not enough for a stronger countermovement to the recent heavy losses. The bank HSBC stated that it was still the biggest three-day loss for the DAX since the coronavirus crisis in 2020.

Analyst Jochen Stanzl from broker CMC Markets spoke of an "initial calming after the panic". The market now has the chance to bottom out in the next one to two weeks. The stock market experts at Index Radar wrote of a "certain market shakeout", as "all shaky hands are likely to have sold in the short term". Market indicators painted a picture of a "strong summer storm followed by sunshine".

Concerns about a recession in the USA had caused global stock markets to buckle since Thursday. However, the experts at Capital Economics expressed confidence. Despite recent weak data from the labor market, a so-called "soft landing" of the US economy is still the most likely scenario. In the event of further turbulence on the markets, the US Federal Reserve could loosen monetary policy more quickly than previously thought.

In view of the share price losses, the quarterly results season almost became a minor matter. At the bottom of the Dax, Bayer shares lost a good 6 percent. The shares continue to be burdened by a high risk discount, wrote analyst Peter Spengler from DZ Bank with a view to glyphosate lawsuits in the USA.

The highly volatile shares of Zalando fell by 1.9 percent. Analyst Yashraj Rajani from UBS criticized the online retailer's cautious targets for 2024.

At the top of the MDax, Rational shares rose by 8.5 percent. Analyst Peter Rothenaicher from Baader Bank attested to the commercial kitchen equipment supplier's solid sales growth in the second quarter. Shares in Carl Zeiss Meditec gained 4.1 percent following the medical technology manufacturer's quarterly results.

Europe's major stock markets closed mixed, but little moved overall. The EuroStoxx 50 closed 0.08 percent higher at 4,575.22 points. The stock exchange in Zurich closed slightly down, while the London stock exchange closed moderately up. In the USA, the Dow Jones Industrial recovered by 0.6 percent at the close of European trading.

The euro fell again after the previous day's rally and was last quoted at 1.0930 US dollars. The European Central Bank had set the reference rate slightly lower at 1.0915 dollars.

On the bond market, the current yield rose from 2.12 percent on Monday to 2.17 percent. The bond index Rex fell by 0.39 percent to 126.76 points. The Bund future lost 0.07 percent to 135.10 points in the evening./bek/he

--- By Benjamin Krieger, dpa-AFX ---