DAX Trims Gains

Frankfurt's DAX 40 pared some early gains to trade around 24,300 on Wednesday, as uncertainty over the Middle East conflict persisted even after US President Donald Trump announced an extension to the ceasefire with Iran to allow time for a full agreement. But he also said that the US would maintain the naval blockade of Iran's trade flows, which is considered an act of war by Tehran. An Iranian adviser called the ceasefire extension a pretext for a surprise attack, while reports pointed to renewed incidents in the Strait of Hormuz. Tech stocks remained at the forefront. Infineon surged 3.2% and Siemens rose 1.5%, supported by strong first-quarter figures from ABB and gains in chipmaker ASM. On the downside, Deutsche Telekom slipped 3.1% to the bottom after reports emerged that it is weighing a full merger with its US mobile arm, T-Mobile US.

Frankfurt's DAX 40 rose 0.4% to around 24,370 on Wednesday, trying to recover after two consecutive declines, as investors weighed Middle East developments that triggered a pullback in oil prices. President Trump announced on Tuesday that he would extend the ceasefire with Iran indefinitely until Tehran submits a comprehensive proposal and negotiations are concluded, while maintaining the naval blockade in the Strait of Hormuz. Meanwhile, uncertainty over potential further talks persisted. Technology stocks and energy-sensitive industrials were the standout performers, while telecom and retailers lagged. In equities, Siemens, Siemens Energy and Infineon posted the biggest gains, adding around 2% each. Among losers, Deutsche Telekom fell 1.6% after reports emerged that it is weighing a full merger with its US mobile arm, T-Mobile US. Retailers Zalando and Adidas also faced significant pressure, down 2.2% and 1.7%, respectively.

The DAX Index is gaining 87 points or 0.36 percent on Wednesday. Leading the gains are Siemens Energy (2.20%), Infineon (2.08%) and Siemens (2.03%). Top losers are Zalando (-2.46%), Adidas (-1.83%) and MTU Aero Engines AG (-1.57%).