Stocks in Germany closed upbeat on Tuesday, with the blue-chip DAX index up by 0.57% as the earnings season continues in Europe while the presidential elections draw to a close in the US. Deutsche Post, d/b/a DHL Group, experienced a significant decline of 4.31% after it reported a year-over-year decrease in consolidated net profit for the third quarter.

The German logistics giant also adjusted its outlook for full-year 2024, pointing to the adverse effects of weak economic dynamics on its business-to-business volumes. "We have been working without any economic tailwind since the end of 2022. This makes our continued focus on cost and capex control, price adjustments, and the fine-tuning of our network even more important.

Our sales, earnings, and free cash flow performance in the third quarter show that our measures are working," commented DHL Group Chief Financial Officer Melanie Kreis. In the absence of significant economic news from Germany and the broader eurozone, market watchers redirected their focus to the presidential elections in the world's largest economy. "A Harris win would seem a benign outcome and prove a dollar negative - those three currencies: the euro, the Canadian and the Australian dollars could do well here.

The more difficult outcome for the market would be Trump without the House of Representatives or a contested election. IMF analysis in its recent World Economic Outlook warned that the US economy could be 1% weaker than baseline in 2026 if Trump delivers on tariffs but could not offset it with tax cuts," noted an ING spokesperson. Poll results are not expected to be finalized until the weekend, following the US Federal Reserve's monetary policy decision on Thursday, when the Federal Open Market Committee is widely anticipated to announce a rate cut..