The DAX kicked off Thursday's trading session in positive territory.
Germany's benchmark index advanced by 0.6 percent to reach 23,630 points. "The ceasefire between Iran and Israel is holding, and with that, yesterday's profit-taking on the DAX has already been forgotten," said Jochen Stanzl of CMC Markets. "The easing of geopolitical tensions is now drawing bargain hunters back to the market."
Among the biggest early gainers on the DAX were Sartorius and Henkel, whose shares rose by 2.8 percent and 2.2 percent, respectively. On the losing side, BASF shares slipped by 0.8 percent.
The U.S. Federal Reserve was also in the spotlight. According to media reports, U.S. President Donald Trump is accelerating the search for a successor to Fed Chair Jerome Powell, who is set to step down next year. The "Wall Street Journal" reported that Trump is considering selecting and announcing a candidate as early as September or October. "This increases the risk that Powell could become a 'lame duck' in his final months as Fed Chair," wrote Commerzbank analyst Michael Pfister in a commentary. It also raises the likelihood of earlier interest rate cuts in the U.S. The dollar took a dive in response.
(Reporting by Daniela Pegna, edited by Ralf Banser. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
