Frankfurt's DAX failed to gain momentum, closing virtually unchanged at 24,296 at the start of a Christmas-shortened week, amid subdued trading volumes and as caution prevailed. Renewed optimism around AI stocks and hopes for further Fed easing next year were tempered by geopolitical concerns, with traders closely monitoring tensions in Venezuela and ongoing Ukraine negotiations. Semiconductor stocks outperformed, with Infineon Technologies rising 2.6%. Zalando (+1.2%), Fresenius Medical Care (+1.1%) and Adidas (+1%) were also among the notable gainers. On the flip side, E.ON (-1.2%), RWE (-0.8%), and Siemens Energy (-0.5%) tracked Danish Orsted and US counterparts, after the US Department of the Interior announced it was suspending leases on five offshore wind projects already under construction. Bayer (-1.3%), Rheinmetall (-1.1%) and Commerzbank (-1.1%) also saw pressure.