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The DAX 40 index traded sideways near 24,900 on Tuesday, maintaining levels seen since early June. The market is cautiously optimistic about a potential US-Iran peace agreement and is awaiting key central bank meetings, including the Federal Reserve.The US-Iran memorandum of understanding is expected to be formally signed on Friday, which could pave the way for the earliest possible reopening of the Strait of Hormuz this week; however, the full details of the agreement will be released later.GEA Group led the gains after Deutsche Bank upgraded its rating from neutral to buy and revised its target price from 70 euros to 64 euros. Industrial giant Rheinmetall rose 2%, while Qiagen, MTU Aero Engines, Siemens, and Airbus each climbed about 1%. Conversely, Brenntag shares fell over 2% after Deutsche Bank Research downgraded its rating from buy to hold and lowered the target price from 67 euros to 57 euros.

(1) After posting the largest single-day drop in over two months, European natural gas prices continue to fluctuate as traders await the specific terms of the US-Iran related agreement. Following a 9% decline in benchmark natural gas futures on Monday, prices have alternated between small gains and losses during the day; the current price remains more than 30% higher than before the crisis erupted. (2) The volume of liquefied natural gas shipped to continental Europe remains lower than the same period last year, with the average monthly LNG shipments delivered to Northwest and Eastern Europe over the past 30 days down 20% year-on-year.

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