German Equities Jump 1.52% Amid Oil Decline, Mideast Peace Signs

(RTTNews) - German stocks rose sharply on Monday, lifted by weak oil prices and easing worries about Middle East tensions following a pause in military attacks by the U.S. and Iran.

Oil prices fell sharply after the warring nations Iran and the U.S. pausing military strikes over the weekend, paving the way for talks to avoid a return to full-scale war.

After the U.S. paused its strikes against Iran for a second night, Iran stopped conducting counterattacks. According to reports, Pakistan is exploring a path toward new U.S.-Iran talks over ending the conflict.

Brent crude futures slid to $84.91 a barrel, losing more than 8%.

The benchmark DAX was up 380.23 points or 1.52% at 25,471.92 a few minutes past noon.

SAP rallied 5.2%. Zalando climbed nearly 4%, while Continental, Adidas, Deutsche Bank, Commerzbank and Fresenius gained 2%-3%.

Siemens gained about 1.5% after adding new Nvidia AI software to its Intelligence Center X.

Bayer, Merck, Infineon Technologies, MTU Aero Engines, Siemens Energy, Airbus, Scout24, Vonovia, Daimler Truck Holding, Deutsche Boerse, Deutsche Telekom, Siemens Healthineers, Qiagen and Munich RE also moved notably higher.

Hochtief dropped about 3%. RWE drifted lower by 1.6%, while E.ON, BASF, Symrise and Henkel posted modest losses.

In economic news, Germany's Ifo Business Climate Index rose to 86.6 in July, marking a third consecutive monthly increase and slightly exceeding market expectations of 86, data from the Ifo Institute showed.

Business expectations for the coming months improved significantly, rising to 86.7 from 84.3 in June, while companies' assessment of current conditions edged down to 86.5 from 87.0.

Loans to the euro area private sector registered a steady growth in June, data published by the European Central Bank showed Monday. Adjusted loans to the private sector increased 3.9 percent year-on-year in June, the same rate of growth as seen in May.