The German market opened on Monday modestly and began the trading week without moving far from Friday’s close. At about 9:30 a.m. the benchmark index traded around 23,445 points, just shy of the previous day’s closing level. At the top of the daily earnings list was Commerzbank, which had attracted interest when UniCredit submitted an acquisition proposal for the bank in the early morning-a move that appeared popular with investors.
Consorsbank’s chief market analyst, Jochen Stanzl, said the start of the week marked “the first of three war weeks for the DAX that begins without significant losses”. He added that the markets were searching for calm rather than optimism. The mood of investors appears to hinge on diplomatic talks between Washington and Tehran, hoping that tankers can once again transit the Strait of Hormuz. Such expectations carry much uncertainty, and Stanzl warned that the conditions for a sustainable rebound in the DAX are still too weak.
“It is still a strong signal that the DAX has not dropped below last week’s low-23,000 points-so the idea that the Iran conflict could ease soon remains viable” Stanzl added. “At the same time, doubts grow about whether Tehran will quickly relinquish the leverage it wields over the Hormuz Strait. Investors will now watch for any sign that the conflict is losing weight, or conversely, that it is spiraling toward targeted attacks on tankers or critical oil infrastructure”.
Stanzl explained that while U.S. President Trump is trying to rally neutral states to protect the Hormuz corridor, Iran continues to allow tankers destined for neutral countries to pass through. This rhetoric could lower many nations’ willingness to intervene. He cautioned that true de‑escalation, rather than mere words, is needed for markets to stabilize. A rise beyond 24,100 points would be a technical indicator of a new foothold, but investors will not return to risk on their own unless there is clear evidence of a real easing of tensions.
On Monday, the euro strengthened slightly, trading at 1 EUR = 1.1443 USD; conversely, 1 USD cost 0.8739 EUR. Gold fell 0.5 %, trading at $5,002 per fine ounce, which translates to about €140.53 per gram. Meanwhile, Brent crude rose 3.0 % to $106.20 per barrel at 9 a.m. German time, reflecting a strong start to the day’s oil prices.