German Stocks Mostly Subdued In Cautious Trade

(RTTNews) - German stocks are mostly subdued on Monday with investors making cautious moves, assessing the situation in the Middle East, and focusing on the Sintra Forum, an annual ECB event that focuses on central banking.

After renewed hostilities, the United States and Iran have agreed to halt military strikes against each other and meet on Tuesday in Doha, Qatar, to resolve their disputes over shipping routes and transit fees.

Meanwhile, Hezbollah's leader on Saturday pilloried the Israel-Lebanon framework agreement as "null and void" and warned its implementation would trigger civil war.

The Sintra Forum, being held from today through Wednesday (June 29-July 1), brings together central bank governors, academics, financial market representatives, journalists and others to exchange views on current policy issues and discuss the Forum's key topic from a longer-term perspective.

Germany's benchmark index DAX was down 22.66 points or 0.09% at 24,659.06 nearly half an hour past noon.

RWE gained about 3.3%. Infineon Technologies moved up 2.5% and Zalando climbed 2.3%.

Shares of wind turbine maker Nordex Group shares rose about 1% after the company said it has secured a 325-MW order in the United States.

Hochtief, SAP, Scout24, Qiagen, E.ON, Siemens, Allianz and Rheinmetall posted modest gains.

Heidelberg Materials shed nearly 3%. Volkswagen and BMW both drifted lower by nearly 2%. Commerzbank, Daimler Truck Holding, Vonovia, Continental, Mercedes-Benz and Brenntag lost 1%-1.7%.