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Germany’s 10-year Bund yield hovered around 2.5% as investors closely monitored escalating tensions in the Middle East, persistent inflationary pressures, and the monetary policy outlook. The conflict deepened after the US joined the war and launched strikes on Iran, heightening concerns over a potential closure of the Strait of Hormuz, a critical route for global oil shipments, which could drive oil prices higher. On the economic front, flash PMIs offered a mixed signal: private sector activity in the Euro Area showed signs of stabilizing, with Germany returning to growth, while France experienced a deeper contraction. Meanwhile, markets continue to anticipate a 25-basis-point interest rate cut by the European Central Bank in September, which would bring the key deposit rate down to 1.75%.

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Germany’s 10-year Bund yield hovered around 2.5% as investors closely monitored escalating tensions in the Middle East, persistent inflationary pressures, and the monetary policy outlook. The conflict deepened after the US joined the war and launched strikes on Iran, heightening concerns over a potential closure of the Strait of Hormuz, a critical route for global oil shipments, which could drive oil prices higher. On the economic front, flash PMIs offered a mixed signal: private sector activity in the Euro Area showed signs of stabilizing, with Germany returning to growth, while France experienced a deeper contraction. Meanwhile, markets continue to anticipate a 25-basis-point interest rate cut by the European Central Bank in September, which would bring the key deposit rate down to 1.75%.

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Frankfurt's DAX fell 0.5% to trade around 23,200 on Monday, reflecting similar movements in European and major markets amid heightened Middle East tensions after the US entered the Iran-Israel conflict over the weekend. Investors worry that Tehran could retaliate by disrupting oil facilities in surrounding countries or impeding tanker passage via the Strait of Hormuz, which may increase inflationary pressures. On the data front, flash PMI data showed German manufacturing and services sectors contraction eased in June. On the corporate side, defense shares, including Rheinmetall (-2%), were among the worst performers. Munchener Ruck, Sartorius, Zalando and Bayer followed closely, with losses ranging between 1.1% and 1.9%.

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Frankfurt's DAX fell 0.5% to trade around 23,200 on Monday, reflecting similar movements in European and major markets amid heightened Middle East tensions after the US entered the Iran-Israel conflict over the weekend. Investors worry that Tehran could retaliate by disrupting oil facilities in surrounding countries or impeding tanker passage via the Strait of Hormuz, which may increase inflationary pressures. On the data front, flash PMI data showed German manufacturing and services sectors contraction eased in June. On the corporate side, defense shares, including Rheinmetall (-2%), were among the worst performers. Munchener Ruck, Sartorius, Zalando and Bayer followed closely, with losses ranging between 1.1% and 1.9%.