(RTTNews) - Despite lingering uncertainty about Iran and the United States reaching a peace deal anytime soon, German stocks climbed higher on Tuesday on weak oil prices and optimism over AI-related investments.
U.S. President Donald Trump's remarks confirming ongoing U.S.-Iran talks and that he had persuaded Israel and Hezbollah to dial back fighting, appeared to aid sentiment to some extent.
Meanwhile, a European Parliament committee has approved removing most EU duties on U.S. goods to honor last year's trade deal and prevent a tariff escalation.
Brent crude futures tumbled to $92.85 a barrel this morning, losing more than 2%.
The German benchmark index DAX was up 245.31 points or 0.98% at 25,239.44 nearly half an hour before noon.)
Infineon Technologies surged 5.7% and SAP moved up 2.3%. Scout24 rallied 5.4% and Zalando climbed about 4%.
Deutsche Post advanced 3.4%. Siemens, Deutsche Bank, MTU Aero Engines, Adidas, Continental, Daimler Truck Holding, Qiagen, Commerzbank and Deutsche Telekom gained 1%-2%.
Bayer dropped by about 4.9%. Rheinmetall shed nearly 2%, while Fresenius Medical Care, Mercedes-Benz, Heidelberg Materials and BASF lost 0.4%-0.7%.
Data from Eurostat showed Eurozone consumer price inflation rose to 3.2% in May, up from 3.0% in April and matching market expectations, according to preliminary data. The reading, which is the highest since September 2023, is significantly above the European Central Bank's 2.0% target.
Among major Eurozone economies, inflation picked up in Spain, edging up to 3.6%, the Netherlands (3.4% from 2.5% a month earlier), Italy (climbed 3.3% from 2.8%), and France (increased to 2.8% from 2.5%). In Germany, inflation slowed to 2.7% from 2.9%.
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