Frankfurt’s DAX 40 reversed early losses to close marginally up at 24,350 on Monday, as investors tracked further Middle East developments, while AI optimism remained in play. The US-Iran negotiations suffered another setback, after President Trump dismissed Iran’s latest proposal as “totally unacceptable,” accusing Tehran of “playing games.” Among key movers, BASF rose 4.7% to lead gains after Goldman Sachs reaffirmed its “buy” rating and raised its target price to €65 from €63. Infineon Technologies followed closely, rising 3.8%. On the flip side, defence stocks including Rheinmetall (-11.5%), Renk (-6%) and Hensoldt (-4.9%) fell sharply, also weighed by Russian President Vladimir Putin’s more conciliatory tone on the Ukraine war. Gea Group dropped 5% despite beating first-quarter 2026 order intake and operating profit estimates. Hannover Re shed 3.5% despite a 48% yearly rise in net profit to €710.6 million, which missed analyst expectations of €721 million.