DAX Dips As Middle East Crisis Deepens

(RTTNews) - Amidst weak sentiment triggered by the U.S. attacks on Iran and fears of Iran's response thereto, the DAX is trading in mildly negative territory. The benchmark that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange had rebounded on Friday in the wake of renewed hopes of a diplomatic solution to the raging Middle East crisis.

The index is currently trading 0.35 percent lower at 23,269.60, versus the previous close of 23,350.55. The day's trading ranged between a high of 23,385.60 and a low of 23,193.21.

In the 40-scrip index, only 15 scrips are trading in the overnight green zone. Heidelberg Materials and RWE, both rallied more than 1.3 percent. Infineon Technologies, Fresenius Medical Care and Siemens Healthineers, all gained more than 1 percent.

Rheinmetall topped losses with a decline of 3.5 percent. Brenntag and Sartorius, both lost more than 2 percent.

Renewed safe-haven demand following the sharp escalation in the Middle East conflict over the weekend lifted the greenback and the six-currency Dollar Index has gained more than a half a percent to trade at 99.36. Amidst the dollar's weakness, the EUR/USD pair slipped 0.49 percent. It is currently at 1.1467 after ranging between 1.1521 and 1.1454. The EUR/GBP pair has edged up 0.04 percent to 0.8570. The EUR/JPY pair has increased 0.79 percent to 169.67.

Amidst a hardening in global bond yields, ten-year German bond yields spiked 0.72 percent overnight to 2.5330 percent. The yield which was at 2.5150 percent at the previous close ranged between 2.5580 percent and 2.5210 percent in the day's trading.