"Everything the markets celebrated on Friday is currently null and void," said Thomas Altmann, portfolio manager at asset manager QC Partners. Fears that the ceasefire between the U.S. and Iran might collapse have grown after the U.S. seized an Iranian cargo ship and Iran threatened retaliation. Furthermore, Iran blocked the Strait of Hormuz again over the weekend and rejected a new round of negotiations that the U.S. sought to initiate before the truce expires on Tuesday.
Among individual stocks, shares in the technology, travel, and industrial sectors came under pressure. Conversely, there was demand for shares of companies poised to benefit from the closure of the Strait of Hormuz. In the Dax, E.ON and RWE each advanced by around one percent. Winners also included renewable energy specialists such as Nordex and SMA Solar. At the same time, the prospect of reduced competition drove shares of fertilizer producer Verbio up by four percent, placing it at the top of the SDax.
(Report by Sanne Schimanski, edited by Christian Götz. For inquiries, please contact our editorial office at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
