BRUSSELS (dpa-AFX) - German stocks fell Monday morning, weighed down by uncertainty surrounding the second round of diplomatic talks between the United Stated and Iran.
After U.S. President Donald Trump announced delegation to Islamabad, Iran rejected participation in a second round of peace negotiations, citing Washington's excessive demands, constant shifts in stance, contradictions and the continuing naval blockade.
Tensions between the countries entered a new phase after the U.S. seized an Iranian vessel. 00The Strait of Hormuz remains closed, reviving inflation and interest-rate fears.
The benchmark DAX0, which fell to 24,283.00, was down 334.65 points or 1.35% at 24,365.29 nearly half an hour before noon.
SAP drifted down 3.4%. MTU Aero Engines, Deutsche Bank, Volkswagen, Siemens Energy, Heidelberg Materials, Siemens Healthineers, Siemens, Mercedes-Benz and Continental fell 2%-3%.
RWE moved up 2.3%. Deutsche Boerse, E.ON, Commerzbank and Hannover Re gained 0.7%-1.3%.
In economic news, Germany's producer prices declined at the slowest pace in a year in March amid energy price fluctuations caused by the war in the Middle East. Producer prices logged an annual fall of 0.2% in March, following a 3.3% decrease seen in February. On a monthly basis, producer prices showed a renewed increase of 2.5% versus a 0.5% decline in February.
Data from Eurostat showed Eurozone exports decreased for the second straight month in February. Exports decreased 6.7% year-on-year in February, slower than the 7.7% fall in January. Likewise, imports dropped 2.2% from a year ago, following a 7.8% decrease in January.
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