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Frankfurt's DAX climbed 1.8% to near 23,700 on Tuesday, outperforming its European peers, on easing geopolitical tensions after President Trump announced that Iran and Israel agreed on a ceasefire. As a result, oil prices dropped as fears over a blockage to the Strait of Hormuz subsided. Meanwhile, all eyes are fixed on The Hague for a key NATO summit on defense spending and on Washington, where Fed Chair Jerome Powell will deliver closely watched remarks. Domestically, Germany's cabinet approved the draft budget for 2025, which includes record investments in defense and infrastructure. On the business front, stocks in the airline, auto, banking, and tech sectors saw increased demand. Deutsche Lufthansa surged 6.8%, Mercedes-Benz Group rallied 3.2%, and BMW, Porsche, and Volkswagen also rose. Commerzbank and Deutsche Bank increased 1.5% and 2.9%, while Infineon Technologies jumped 3.6%. In contrast, defense stocks lost ground, with Hensoldt down 4.1% and Rheinmetall falling 3.9%.