BRUSSELS (dpa-AFX) - German stocks moved up sharply Friday morning, hoisting the benchmark DAX up by over 2%, as investors indulged in hectic buying across the board after oil prices tumbled and concerns about Middle East tensions eased following U.S. President Donald Trump calling off his planned attacks on Iran.
The U.S. President said a 'great settlement' to end the conflict with Iran has been reached, and that a signing ceremony could take place in Europe as early as this weekend.
Tehran, however, said no final deal has been approved and that disputes over frozen funds and Strait of Hormuz security remain unresolved.
Brent crude futures fell to $85.40 a barrel before edging up to $86.41, still down by about 4.4% from previous close.
The DAX, which climbed to 24,754.63, was up 473.60 points or 1.96% at 24,683.49 a little while ago.
Heidelberg Materials, the biggest gainer in the index, was up 6% a little while ago. Deutsche Bank climbed 5.7%, while Commerzbank, Vonovia, Continental, MTU Aero Engines, Adidas, Volkswagen, Daimler Truck Holding and Siemens moved up 3.2%-4%.
Porsche Automobil Holding, Mercedes-Benz, BMW, Siemens Energy, Fresenius Medical Care, Siemens Healthineers and Fresenius climbed 2%-3%. Zalando, Gea Group, Deutsche Post, Beiersdorf, Infineon Technologies and Henkel also moved up sharply.
RWE shed about 1.1%. Deutsche Boerse and Rheinmetall both drifted down nearly 1%. E.ON, Scout24 and BASF also showed weakness.
In economic news, Germany's inflation slowed as initially estimated in May, largely reflecting the slowdown in energy price growth, final data from Destatis revealed.
Destatis confirmed that consumer price inflation weakened to 2.6% in May from 2.9% in April, which was the highest since December 2023.
Likewise, EU harmonized inflation slowed to 2.7%, as estimated, from 2.9% a month ago.
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