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Frankfurt's DAX 40 pared gains to close virtually unchanged at 25,178 on Wednesday, amid cautious optimism about a US-Iran potential deal, amid conflicting signals from both sides. Iranian state media reported details of an unofficial draft peace framework with the US, outlining an end to the US naval blockade and Iran’s commitment to reopen the Strait of Hormuz within 30 days. Energy prices fell even though Washington denied the information. Consumer discretionary stocks were the standout performers. Adidas led gains among stocks, surging 5.3%. Airline Lufthansa advanced 3.3%. Auto stocks also advanced strongly, buoyed by positive EU monthly car sales data.

DAX Finishes on Cautious Note

Copper futures eased to $6.34 per pound on Wednesday from the one-week high of $6.4 in the previous session amid cautious optimism of resorted trade through the Persian Gulf. Iran claimed it has an unofficial draft on an agreement with the US that would halt their naval blockade on vessels exiting the Strait of Hormuz, although the claims were rejected by Washington. Still, the outlook of restated flows of sulfur and sulfuric acid from GCC economies, a major supply hub, improved expectations on that copper producers will regain access to inputs on the production process. The tight supply for the commodity, which is used by refiners through heap leaching and purifying copper to produce anodes, drove China to suspend exports. Consequently, the shortage in top copper producer Chile forced major refiners to cut capacity and lower supply. Meanwhile, supply from Codelco risked a pullback as the company is targeting roughly $2 billion in cost reductions.

Copper Eases from $6.4

The FTSE MIB Index decreased 321 points or 0.64 percent on Wednesday to close at 49579 points. The decline was led by Saipem (-4.51%), Tenaris (-3.24%) and STMicroelectronics (-3.19%). On the upside, the strongest performers were Moncler (4.98%), Avio (4.91%) and Stellantis N.V. (4.64%).

The FTSE MIB Index Closes 0.64% Lower

The DAX Index fell 7 points or 0.03 percent on Wednesday to close at 25178 points. Leading the losses are Siemens Energy (-3.83%), RWE (-2.95%) and Fresenius (-2.28%). Top gainers were Adidas (5.38%), Continental (4.00%) and HeidelbergCement (3.81%).

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