BRUSSELS (dpa-AFX) - After an early upmove, Germany's equity benchmark DAX drifted lower Monday morning, weighed down by weakness in defense stocks amid signs of progress in Ukraine peace talks. With no economic data due for the day, and not any big news on the corporate front, the mood in the market remained subdued.
Also, with the market to close early on Tuesday and remain shut on Thursday and Friday for New Year holidays, traders appear reluctant to make big moves.
U.S. President Donald Trump said a Ukraine peace deal is 'getting a lot closer' although territorial issues remain unsolved.
The DAX was down 63.74 points or 0.26% at 24,276.32 a little while ago. The index had advanced to 24,436.43 earlier in the session.
Rheinmetall declined 2.3%. Siemens Energy slid 1.4%, while MTU Aero Engines, Infineon Technologies and Scout24 lost 0.8 to 1.1%.
Among the gainers, BASF moved up nearly 2%. Mercedes-Benz, Adidas, Continental and Brenntag gained 1.3 to 1.7%.
BMW, Beiersdorf, Zalando, Merck, Heidelberg Materials, Vonovia, Deutsche Boerse, Siemens Healthineers and Volkswagen gained 0.4 to 0.8%.
Meanwhile, the yield on Germany's 10-year Bund edged down to 2.84% this morning, remaining just below last week's nine-month highs.
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