BRUSSELS (dpa-AFX) - German stocks climbed higher on Wednesday despite concerns about inflation, possible rate hikes and lingering uncertainty about Iran and the U.S. reaching a quick peace deal.
Weak oil prices helped lift sentiment. Brent crude futures fell below $98 a barrel after reports emerged that some LNG tankers have passed through the Strait of Hormuz in recent days, helping ease supply concerns amid prolonged West Asia conflict.
U.S. Secretary of State Marco Rubio said a potential deal to end the Middle East conflict could 'take a few days' amid unresolved issues surrounding Tehran's frozen assets and unrestricted passage through Hormuz.
Iran condemned the recent self-defense strikes conducted by U.S. forces and said it would leave no act of aggression unanswered.
Auto stocks found support after data showed European car sales climbed for the third successive month in April thanks to strong demand for electric and hybrid vehicles.
The benchmark DAX was up 157.33 points or 0.62% at 25,363.25 about a quarter before noon.
Adidas climbed 5.7%. Continental moved up 4.2% and Daimler Truck Holding gained nearly 4%, while Symrise advanced 3.75%.
Heidelberg Materials, Mercedes-Benz, Volkswagen, MTU Aero Engines, Zalando, BMW, Beiersdorf, Porsche Automobil Holding, Siemens Healthineers and Qiagen gained 2%-3%.
Vonovia, Merck, Siemens, Henkel, Deutsche Post, Infineon, GEA Group and Deutsche Bank also posted strong gains.
RWE and E.ON drifted down 2.9% and 2.1%, respectively. Deutsche Boerse, Brenntag, Bayer and Siemens Energy also shed notable ground.
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