Frankfurt's DAX 40 traded slightly below the flatline around 24,700 on Thursday, after a three-day recovery, as traders continued to assess developments in the Middle East amid continued uncertainty around a possible US-Iran peace deal. Iran said it is reviewing the latest US proposal to end the conflict after President Trump signaled he would wait a few more days for Tehran’s response. On the data front, a fresh PMI survey showed Germany’s private sector contracted for a second straight month in May, amid weakening demand and elevated inflationary pressures. Among equities, Commerzbank led losses, falling 3.6%. Commerzbank led equity losses, falling 3.6%, amid renewed takeover pressure from UniCredit following the rejection of its €39 billion offer on Monday. Brenntag (-3.1%) and Airbus (-2.3%) also posted significant losses. Meanwhile, Infineon shares continued their good run, up 1.5%, benefiting from Nvidia's earnings report.