FRANKFURT (dpa-AFX) – A possible approaching end to the war in Ukraine drove prices on the German stock market on Tuesday. The leading index DAX, which had already started the week well, gained another 0.97 percent to 23,464.63 points.
According to Ukrainian information, Washington and Kiev have reached agreement on the most important issues of the US peace plan. “Our delegations have reached an agreement on the main provisions of the agreement negotiated in Geneva,” wrote Rustem Umyerov, secretary of the National Security Council of Ukraine, on Facebook. Several US media outlets also reported an agreement between the United States and Ukraine on terms for a possible peace deal, citing a US government official.
The hope for peace in Ukraine caused the Dax to “jump for joy” at midday, wrote strategist Christine Romar from broker CMC Markets. However, the question remains open as to which plan Kiev agreed to, because the original US plan was rejected by the Europeans and then adapted by the United States. This proposal, in turn, was met with rejection in Moscow, “which does not necessarily mean that the belligerent party will agree to it in the coming days,” said Romar.
The MDAX with medium-sized German stocks rose by 1.39 percent to 29,015.89 points on Tuesday. The Eurozone index EuroStoxx 50 gained 0.8 percent./bek/he