BRUSSELS (dpa-AFX) - German stocks are swinging between gains and losses in somewhat lackluster trade on Monday with investors mostly staying cautious as the U.S.-Israeli war on Iran shows no signs of ending anytime soon.
Last week, U.S. President Donald Trump called on allies to send naval escorts to protect vessels in the Strait of Hormuz.
Fears of global energy crisis escalated today as the war in the Middle East enters the third week. An Iranian drone strike caused a temporary shutdown of Dubai's airport, highlighting the threats to the world economy.
Meanwhile, European Union foreign ministers are scheduled to meet later in the day to debate a potential naval response to the effective closure of the key oil shipping route.
Germany's equity benchmark DAX, which dropped to 23,332.22 after advancing to 23,507.22, was up 29 points or 0.13% at 23,465.29 a little while ago.
Commerzbank is up 5.8% after Italy's UniCredit made a €35 billion ($40 billion) bid for the bank.
Bayer is gaining about 3.2% following a rating upgrade by UBS. Heidelberg Materials is up 1.8% and Rheinmetall is rising 1.4%.
Siemens Energy, Vonovia, Deutsche Bank, Allianz and RWE are up with modest gains.
Zalando, which had some impressive outings in the previous week, is down 2.7% on profit taking. Scout24 is declining by about 2.5%. Beiersdorf, Infineon Technologies, Continental, BMW, Siemens Healthineers, Merck, Brenntag, Adidas, Porsche Automobil Holding and Mercedes-Benz are down 1%-1.4%.
BASF, MTU Aero Engines, Volkswagen, Daimler Truck Holding and Siemens are also down in negative territory.
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