DAX Slips As Markets Wait For Clarity On U.S.-Iran Peace Deal

(RTTNews) - Germany's DAX index has declined from Wednesday's levels even as markets await news on a deal expected to end the Middle East conflict. The benchmark index that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange has slipped on Thursday after recording strong gains in the previous two sessions.

The DAX benchmark has declined 0.26 percent to trade at 24,885.30 versus 24,949.25 at the previous close. The day's trading ranged between a high of 25,018 and a low of 24,848.72.

Despite being a turbulent year, the index is holding on to gains of more than 7.6 percent over the past year. The index had touched an all-time high of 25,507.79 on January 13.

In the 40-scrip index, scrips are divided equally between gainers and losers. Henkel topped with gains of 4.3 percent. Infineon Technologies as well as Continental have gained more than 3 percent. Fresenius Medical Care and BMW, have both added more than 2 percent.

Hannover Ruck plunged 5.4 percent. Siemens Healthineers followed with losses of 4.8 percent. Daimler Truck Holding also shed 3.2 percent.

With the dollar retreating on hopes of a peace deal between the U.S. and Iran, the six-currency Dollar Index has slipped 0.19 percent overnight and is currently trading at 97.84, versus 98.02 at close on Wednesday. In tandem, the EUR/USD pair has rallied 0.26 percent to 1.1778 after ranging between 1.1745 and 1.1778. The EUR/GBP pair is trading 0.05 percent higher at 0.8645. Meanwhile, the EUR/JPY pair has gained 0.22 percent and is currently trading at 184.12.

Amidst the broad softening in bond yields globally and markets scaling down rate hike expectations from the European Central Bank, yields in Germany have also eased. Easing inflationary pressures attributed to declining crude oil prices have helped ten-year German bond yields decrease 0.13 percent overnight to 2.9911 percent. The yield which was at 2.9950 percent at the previous close ranged between 3.0036 percent and 2.9653 percent in the day's trading.

Data released earlier in the day showed factory orders surging 5 percent month on month in March, accelerating sharply from an upwardly revised 1.4 percent growth in the prior month. Markets had anticipated an increase of 1 percent only.