German stocks experienced a significant increase on Monday morning, fuelled by growing optimism regarding a possible U.S.-Iran peace agreement that may lead to the reopening of the Strait of Hormuz. On Sunday, a statement from the Islamic Revolutionary Guard Corps indicated that 33 commercial vehicles and oil tankers had transited the Strait of Hormuz in the preceding 24 hours, facilitated by the coordination and security oversight of the IRGC Navy.
Oil prices declined to their lowest levels in two weeks, playing a substantial role in fostering a positive sentiment within the market. Brent crude futures declined to $98.37 a barrel, reflecting a decrease of approximately 5%. The benchmark index was up 301.45 points or 1.23% at 25,229.84 about half an hour before noon.
- MTU Aero Engines experienced an increase of 5.7%.
- Daimler Truck Holding experienced a rally of 3.5%, while Heidelberg Materials saw an increase of nearly 3%.
- Zalando experienced an increase of 2.85%, whereas Continental, Siemens Energy, Deutsche Bank, Siemens, and Commerzbank saw advancements ranging from 2% to 2.5%.
- Mecedes-Benz, Infineon Technologies, Volkswagen, Vonovia, GEA Group, Porsche Automobil Holding, BMW, Adidas, Siemens Healthineers, Beiersdorf, Deutsche Post, E.ON and RWE experienced gains in the range of 1% to 2%.
- Fresenius, BASF, Deutsche Boerse, Scout24, Rheinmetall, Symrise, and Deutsche Telekom experienced declines ranging from 0.4% to 1.2%.