DAX Gains On Crude Pullback, Iran Peace Proposal News

(RTTNews) - German stocks climbed higher on Friday, buoyed by weak oil prices and lower bond yields amid renewed hopes of the reopening of the Strait of Hormuz within seven days.

Brent crude futures front-month contract fell to a low of $104.51 a barrel before edging up to $105.24, down 1.4% from previous close.

According to reports, Washington Post has quoted Iranian Foreign Minister Abbas Araghchi as saying on the sidelines of the UN General Assembly session in New York that Iran has submitted a proposal to U.S. officials through mediators this week to end the Middle East war.

Despite differences over Iran, Taiwan and trade, Trump described the meeting as "great" and hailed the "truly great friendship" he has forged with his counterpart. China's Ministry of Foreign Affairs described Xi's visit to the U.S. as a "great visit."

The benchmark DAX was up 184.58 points or 0.73% at 25,440.50 about half an hour past noon.

Siemens Energy climbed more than 3%. Commerzbank and Deutsche Bank moved up 2.75% and 2.5%, respectively. Adidas advanced 2.3%.

Hochtief, Heidelberg Materials, Siemens, Gea Group, RWE, Siemens Healthineers, Qiagen, Infineon Technologies, Bayer, Vonovia, Allianz and Volkswagen gained 1%-1.8%.

Fresenius, Deutsche Post, Beiersdorf, E.ON, Continental, Brenntag, Merck, Daimler Truck Holding and MTU Aero Engines also moved higher.

Rheinmetall shed about 1.4%. BASF drifted down 0.6%, while Hannover RE and Scout24 declined marginally.

HelloFresh tanked nearly 12% as the meal-kit company trimmed its outlook for the financial year 2026 after a sharper-than-planned cut in marketing spending undermined customer acquisition.

In economic news, German consumer confidence is set to fall in October as rising energy prices dragged down income expectations, monthly survey results of the NIM Consumer Climate powered by GfK showed. The forward-looking consumer sentiment index fell more-than-expected to -30.6 in October from -26.8 in September. The score was seen at -27.1.