The DAX in Frankfurt rose 0.45% to finish at 24,423 on Tuesday, with optimism over a potential Russia-Ukraine peace deal being tempered by caution ahead of PMI releases and the Jackson Hole Symposium. The "successful" meeting between Presidents Trump, Zelenskyi, and European leaders reportedly focused on security guarantees for Ukraine, to be provided by Europe in coordination with the United States. Trump also said arrangements are being made for a bilateral meeting between Putin and Zelenskyy, and that the US would help guarantee Ukraine’s security if a deal is reached. Gains were largely broad-based, led by autos, retailers and banks, reflecting risk-driven investor behavior. On the downside, defense stocks, including Hensoldt, Renk and Rheinmetall, saw losses between 4.8% and nearly 10%, amid expectations of weaker demand for military equipment.