BRUSSELS (dpa-AFX) - German stocks fell on Thursday, giving back some of the gains recorded in the previous session, due to weak industrial output data and uncertainty about U.S.-Iran ceasefire.
European bond yields moved higher, and oil prices rose sharply amid renewed geopolitical tensions, prompting investors to tread cautiously with regard to riskier assets.
With Israel expanding Lebanon strikes, the Islamic Republic has closed the Strait of Hormuz.
Iran's semi-official news agencies published a chart today, suggesting the country's Revolutionary Guard Navy put sea mines into the Strait of Hormuz during the war.
'The U.S. must choose ceasefire or continued war via Israel. It cannot have both. The world sees the massacres in Lebanon. The ball is in the U.S. court, and the world is watching whether it will act on its commitments,' Iran Foreign Minister Araghchi said in a post on X.
U.S. President Donald Trump said that U.S. military forces will remain deployed in and around Iran until Tehran fully complies with the 'real agreement.'
Brent crude futures surged to $98.53 a barrel, gaining about 4%.
Germany's benchmark stock index DAX, which dropped to 23,751.22, was down 197.75 or 0.82% at 23,809.43 a little while ago.
SAP shed 3.7% and Rheinmetall drifted down 3.5%. Volkswagen, Gea Group, Daimler Truck Holding and Mercedes-Benz lost 2.1%-2.6%.
Infineon Technologies, Siemens Energy, Symrise, Continental, Fresenius, Merck, Siemens, Qiagen, MTU Aero Engines, Bayer, Scout24, Commerzbank, Siemens Healthineers, Beriersdorf, Porsche Automobil Holding, BMW and Heidelberg Materials declined 1%-2%
BASF climbed about 1.5%. Brenntag advanced 1.3%, while Deutsche Boerse, Hannover RE, RWE and E.ON posted modest gains.
Germany's industrial production dropped unexpectedly in February even before the outbreak of war in the Middle East, data from Destatis revealed.. Industrial production fell 0.3% in February compared to January, when it was flat. Production was expected to grow 0.6%.
Data from Destatis showed Germany's exports rebounded the most since 2022 even as sales to the U.S. and China declined. Imports also logged robust recovery in February. Exports grew 3.6% month-on-month in February, reversing January's 1.5% fall. This was the biggest growth since May 2022. Shipment was expected to climb 1%.
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