BRUSSELS (dpa-AFX) - Germany's equity benchmark DAX moved in a tight band on Monday as stocks swung between gains and losses in cautious trade amid concerns about U.S.-Iran conflict due to a lack of positive progress in peace efforts.
Following U.S. President Donald Trump rejecting Iran's latest proposal to end the conflict, Iran said it would continue using both 'the weapon of diplomacy' and military resistance whenever it considers necessary to protect national interests.
Iranian Foreign Ministry spokesperson Esmaeil Baqaei said the U.S. has committed a breach of trust in every diplomatic process it has participated in over the past 20 years.
The DAX was down 0.10 points at 24,307.32 a little while ago.
Rheinmetal tanked 11.8%, extending recent decline following JP Morgan lowering the stock's target price by about 30%. MTU Aero Engines fell 6.7%. Allianz drifted down 5.1% and Adidas eased by about 5%.
Gea Group shares tumbled more than 5% despite the company reporting a surge in earnings. The company's bottom line in the first quarter totaled EUR99.73 million, or EUR0.61 per share, compared with EUR94.34 million, or EUR0.57 per share, last year.
Hannover Re shares dropped 4.4% after the group's earnings fell short of expectations. Hannover Re's net income in the first quarter climbed 48% to 710.6 million euros from last year's 480.5 million euros. Earnings per share reached 5.89 euros, higher than 3.98 euros a year ago.
Henkel, Siemens Energy, Munich RE, Commerzbank, Beiersdorf, Zalando, Daimler Truck Holding, Merck and Siemens Healthineers also declined sharply.
BASF climbed 4,5%. Infineon Technologies moved up nearly 4%, while RWE, Brenntag and Porsche Automobil Holding gained 0.8%-1.1%. E.ON moved up 0.5%.
Copper producer Aurubis gained about 2.3% after reporting improved performance in Q2 and raising its 2025-26 forecast.
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