BRUSSELS (dpa-AFX) - After falling to a near 12-month low, the German stock market recovered a bit on Monday before retreating again. The mood remained cautious as the U.S.-Israeli war on Iran entered into its second month, raising concerns about global economic growth, inflation and interest rates.
Investors looked ahead to the flash inflation data from Germany due later in the day.
Oil prices climbed higher amid concerns about supply disruptions due to the ongoing conflict in the Middle East. Brent crude futures rose to nearly $109.50 a barrel before easing to $107.60, still up 2.2% over previous close.
The benchmark DAX, which recovered to 22,375.68 from a low of 22,209.00, was 19.00 points or 0.09% at 22,296.24 a little while ago.
RWE climbed nearly 2%. MTU Aero Engines, Scout24, E.ON and Fresenius gained 1.1%-1.6%. Geag Group, Deutsche Telekom and SAP advanced nearly 1%.
Merck, Vonovia, Hannover RE, Bayer, Deutsche Boerse, Rheinmetall, Infineon Technologie and Munich RE also posted notable gains.
Zalando drifted down 1.4%. Porsche Automobil Holding, Commerzbank, Continental and Siemens Energy lost 0.8%-1%. Siemens, Daimler Truck Holding and Adidas posted modest losses.
Data from the Federal Statistical Office Destatis showed Germany's annual inflation rate eased to 1.9% in February from 2.1% in January, confirming preliminary estimates. On a monthly basis, the CPI increased 0.2%, following a 0.1% rise in January. Meanwhile, the EU-harmonised CPI rose 2.0% year-on-year and 0.4% month-on-month, both matching initial estimates.
A report from the European Commission showed the Eurozone Economic Sentiment Indicator dropped to 96.6 in March, down from a revised 98.2 in February and missing market forecasts of 96.8.
Euro Area consumer confidence was confirmed at -16.3 in March, the lowest since October 2023, down from -12.3 in the prior month.
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