DAX Climbs As Oil Falls, Markets Eye Trump UN Speech
(RTTNews) - German stocks started off on a weak note Tuesday morning but recovered well and were up firmly in positive territory a little past noon on Tuesday on oil's continued weakness amid prospects for the reopening of the Strait of Hormuz by Iran helped lift sentiment.
Investors await U.S. President Donald Trump's speech at the United Nations General Assembly later in the day. U.N. Ambassador Mike Waltz told reporters that Trump's remarks would highlight peace deals the president has worked on, U.S. actions in the Western Hemisphere and progress on his 20-point peace plan in Gaza. It will also touch on the "importance of ensuring that Iran never has a nuclear weapon," Waltz said.
As the Saudi-Houthi conflict rages on, Trump is expected to meet Gulf leaders impacted by the war with Iran to discuss the conflict and focus on plans for a postwar strategy.
Brent crude futures dropped to $97.74 a barrel, down 2.6% from previous close. WTI crude futures fell to $93.64 a barrel, losing about 2.2%.
The benchmark DAX, which fell to 25,418.41 in early trades, was up 161.35 points or 0.63% at 25,735.01 about a quarter past noon.
Zalando climbed 3.2% and Adidas moved up 3.1%. Gea Group and Scout24 gained 2.3% and 2.2%, respectively.
MTU Aero Engines, Deutsche Post, Siemens Energy, SAP, Beiersdorf, Infineon Technologies, Deutsche Bank, Brenntag, Commerzbank, Siemens and Hochtief gained 1%-1.7%.
Allianz drifted lower by about 2%. Mercedes-Benz, Volkswagen, Vonovia, Munich RE and Hannover RE shed 0.7%-1%.
U.K. Stocks Turning In Mixed Performance; FTSE 100 Up Marginally
French Stocks Rise As Oil Prices Fall On Strait Of Hormuz Prospects
Indian Shares End Slightly Lower In Volatile Trade
Gold Edges Lower On Rate Hike Fears
Oil Prices Edge Lower In Volatile Trade
European Shares Slip Ahead Of Trump's UN Speech
Yen Slides Against Majors
