(RTTNews) - After a slightly weak start, German stocks recovered and moved into positive territory on Friday as oil prices fell on reports the U.S. and Iran have agreed to extend their ceasefire by sixty days. According to the tentative agreement, pending final approval from U.S. President Donald Trump, Iran would not be able to impose tolls on ships transiting the Strait of Hormuz, while the U.S. would gradually lift its sea blockade on Iranian ports. Brent crude oil futures dropped to around $90.70 a barrel before recovering to $91.05, still down by about 1.8% from previous close. The benchmark DAX, which slipped to 25,079.64 earlier in the session, climbed to 25,203.93 before easing to 25,165.74, up 63.13 points or 0.25% from previous close. Zalando gained 2.75%. Heidelberg Materials moved up 2.3%, while MTU Aero Engines and Continental climbed 2% and 1.85%, respectively. Scout24, Adidas, Infineon Technologies, Merck, Qiagen, Beiersdorf, Henkel, Porsche Automobil Holdings, Brenntag, Fresenius Medical Care, Volkswagen, Gea Group and Siemens Healthineers gained 1%-1.5%. Bayer drifted down 2.7% and Siemens Energy shed 1.9%, while Deutsche Bank lost 1.7%. Deutsche Boerse, Siemens and RWE declined marginally. In economic news, Germany's import prices increased at the fastest pace since early 2023 in April due to the sharp increases in energy and intermediate goods prices amid the war in the Middle East, data from Destatis showed. Import prices grew 5.3% year-on-year in April after rising 2.3% in the previous month. This was the fastest growth since January 2023 and also marked the second consecutive rise. On a monthly basis, import prices climbed 1.2%, slower than the 3.6% increase a month ago. Export prices posted an annual growth of 2.9% in April, which was the strongest rise since March 2023. This was followed by the 1.5% rise in March. Month-on-month, export prices were up 0.8%. Germany's seasonally adjusted unemployment rate fell to 6.3% in May, down from April's near six-year high of 6.4%, slightly beating market expectations, data from the Federal Employment Agency showed. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
(RTTNews) - After a slightly weak start, German stocks recovered and moved into positive territory on Friday as oil prices fell on reports the U.S. and Iran have agreed to extend their ceasefire by sixty days. According to the tentative agreement, pending final approval from U.S.…
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International mediators have proposed a 10-day ceasefire between the United States and Iran, according to a senior Iranian official cited in reports. The measure is described as intended to reduce hostilities and allow renewed talks on a prior interim agreement.
Both sides are assessing next steps in the current regional security situation.
Reports indicate that a US-Iran ceasefire has broken down amid renewed fighting, with the potential impact of mediation efforts by Pakistan, Qatar, and Oman remaining unclear. Earlier diplomatic steps included a June memorandum of understanding between the parties for further negotiations and talks hosted in Geneva in February.
The summary also references Europe’s historical role in diplomacy, including the 1814-15 Congress of Vienna.
Donald Trump stated in a Fox News interview that his representatives had spoken with Iranian officials an hour earlier and that those officials wanted to make a deal to end the conflict, though he noted they had broken prior agreements and expressed uncertainty about whether one would be reached.
He added that people do not want to die and that Iran would need to proceed carefully to avoid further losses. The remarks come amid an ongoing US-Iran conflict that has involved casualties and shipping disruptions in the Strait of Hormuz, with some social media users criticizing the repetition of similar statements.
Why the Iran-US ceasefire is falling apart Iran and the US have resumed fighting because they don’t see each other as ‘reliable negotiating partners’, says analyst Ali Vaez. Neither Iran nor the United States seems able to deliver a “knockout blow at an acceptable price” to the other side, and both know “they have no choice other than engaging in diplomacy”, but they’re not ready to make uncomfortable concessions, argues Ali Vaez, director of the Iran Project at International Crisis Group.
Vaez tells host Steve Clemons that Tehran and Washington are trying to “enforce their own interpretation” of the ceasefire agreement they signed last month. President Trump has become “frustrated” with diplomacy because he’s not seeing “the kind of quick results that he likes to see”, Vaez says.