The DAX 40 pared earlier losses to trade modestly lower around 24,670 on Monday, its weakest level since May 21, as investors closely tracked developments in the Middle East. Iran declared an end to its military operation against Israel after a day of retaliatory strikes between the two countries, while cautioning it could resume attacks if Israel continues its actions in Lebanon. The easing of tensions helped cap gains in oil prices.
Chemical stocks, including BASF and Brenntag, came under pressure after Goldman Sachs downgraded several names in the sector, citing concerns about a renewed downturn in Europe’s chemical industry. Interest-rate-sensitive Vonovia also fell nearly 2%. In contrast, Infineon rose 2.1%, topping the index, rebounding after recent profit-taking.
