Frankfurt's DAX reversed course to close about 0.2% down at 23,949 on Wednesday, in line with most of its regional peers, as traders weighed contrasting developments in global trade. US President Donald Trump said a deal with China "is done" following two days of high-level talks in London, adding that - pending final approval from President Xi Jinping and himself - the US will secure access to rare earth metals, while Chinese students will be allowed to take up places at American universities. On the other hand, the EU signaled its trade talks with Washington could stretch beyond the July 9 deadline. Among key movers, the worst performers were Deutsche Telekom (-1.7%), Brenntag (-1.7%), Infineon Technologies (-1.5%), Adidas (-1.5%) and Henkel AG & Co (-1.3%). On the flip side, Bayer outperformed, gaining around 3.8% after HSBC and Kepler Cheuvreux upgraded the stock to 'Buy' from 'Hold'. Siemens Energy, Rheinmetall, RWE and Heidelberg Materials followed closely.