FRANKFURT (dpa-AFX) - The stalemate at elevated price levels on the German stock market is expected to persist through mid-week. The extension of the ceasefire in the conflict between the United States and Iran is unlikely to draw investors out of their shells. Approximately two hours before the Xetra open, broker IG pegged the German benchmark DAX 0.3 percent lower at 24,205 points.
In a surprise last-minute move, US President Donald Trump unilaterally declared an extension of the ceasefire with Iran. Washington stated that, at Pakistan's request, he would refrain from strikes until the Iranian leadership submits a "unified proposal" to settle the conflict. However, the US naval blockade of Iranian ports will remain in effect.
"The period of waiting has been extended," noted Thomas Altmann of QC Partners this morning. Face-to-face talks have been ruled out for the time being, while the existing ceasefire remains in place. "This means the US and Iran are not a single step closer to an agreement. However, further escalation is avoided for now," the portfolio manager added./bek/stk
