After the sharp setback on Monday in the wake of the Ukraine war, the Dax started trading on Tuesday with moderate losses.

In early trading, the leading German index was 1.06 percent lower at 14,308 points.

"The fact that the stock markets are so stable at the moment despite the war is probably also due to the fact that, after the turnaround in monetary policy that was heralded long ago, the coffers of fiscal policy are opening up wide again in order to react with security policy and foreign policy with higher defense spending," said Jochen Stanzl , market analyst from trading house CMC Markets.

In other regions of the world, too, price movements remained manageable despite the war in Europe and the extensive sanctions against Russia.

In the USA, the stock exchanges moved differently in Monday trading: while the standard stocks on Wall Street largely contained their significant initial losses and ended moderately in the red, the technology stocks on the Nasdaq ultimately turned positive.

Even on the most important stock markets there was no uniform direction in Tuesday trading.

The CSI 300 index, which lists the top 300 companies in mainland China, was last up 0.3 percent, while the Hang Seng index in Hong Kong special administrative region fell 0.3 percent.

Robust economic data from China tended to remain in the background given the situation in Ukraine.

In Tokyo, the leading index Nikkei 225 closed 1.2 percent higher.

Ruble remains stable at a low level

The Russian ruble was able to recover slightly in so-called offshore trading outside of Russia in the morning.

After the currency crashed at the beginning of the week, it initially stabilized at a weak level.

The dollar was unchanged at 101 rubles on Tuesday after an emergency interest rate hike and several emergency measures by the Russian central bank.

The day before, the exchange rate against the dollar had shot up to a record high of 120 rubles at times because of Russia's escalating dispute with the West.

The euro fell slightly in early trading on Tuesday.

In the morning, the common currency cost $ 1.1195, slightly less than the previous evening.

How high the level of uncertainty among investors about further developments in the war region and the economic effects of the sanctions against Russia is, however, is shown by the sharp fluctuations in the price of individual shares.

Zalando's shares fell by around seven percent, making them the biggest losers in the Dax.

After the pandemic, the internet fashion retailer expects weaker growth in 2022.

On the other hand, investors accessed numbers and the announcement of a buyback program at Covestro.

The plastics manufacturer's shares rose more than four percent.

On Tuesday, investors should also keep an eye on economic data in addition to the conflict in Ukraine.

In many countries around the world, the purchasing managers' indices for the industrial sector are on the agenda.

The company survey gives an indication of the state of the economy.

Inflation data is also published in Germany.

Price increases are expected to continue.