The German benchmark index shed one percent to 23,715 points.

Fears of a renewed escalation in the Middle East are dragging down the Dax. The German benchmark index shed one percent to 23,715 points. 'The primary headwind remains the sharp rise in oil prices,' said Timo Emden of Emden Research. Speculation regarding an end to the ceasefire between the US and Iran pushed the price of Brent North Sea crude up by as much as 7.1 percent to 126.41 dollars per barrel, marking its highest level in four years. According to a report by the news portal 'Axios', US President Donald Trump is set to be briefed by his military on Thursday regarding new plans for a series of military strikes against Iran, aimed at increasing negotiating pressure on Tehran. This intensified concerns over further supply bottlenecks given the already restricted exports in the Middle East. Iran is blocking the majority of international shipping in the Strait of Hormuz, one of the most critical bottlenecks for global energy supplies. For their part, the US began preventing Iranian vessels from proceeding earlier this month. The European Central Bank (ECB) is also coming into focus. Financial markets expect another monetary policy pause at the ECB Governing Council meeting. On Wednesday, the US Federal Reserve stood pat for the third consecutive time, leaving the benchmark interest rate in the range of 3.50 to 3.75 percent. Among the biggest losers on the Dax were shares of Munich Re and GEA, which fell by 4.1 and 2.7 percent, respectively. Both stocks were trading ex-dividend. On the winning side, DHL shares rose by 1.5 percent. The Bonn-based group increased its first-quarter operating profit (Ebit) by 8.3 percent to 1.5 billion euros, driven by its cost-cutting program and price hikes. In the MDax, Kion gained up to 7.2 percent. Thanks to its efficiency program and strong project business, the forklift manufacturer earned more at the start of the year despite stagnant revenues. (Reported by: Daniela Pegna, edited by Sabine Wollrab. For inquiries, please contact our editorial office at [email protected] (for politics and economics) or [email protected] (for companies and markets).)

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