FRANKFURT (dpa-AFX) – Signs of easing tensions in the US-China trade dispute gave a boost to shares in certain sectors in Germany on Monday. China and the United States have reached a preliminary agreement, Li Chenggang, Deputy Secretary at the Chinese Ministry of Commerce, said on Sunday following talks with the US side. US Treasury Secretary Scott Bessent also spoke of positive negotiations ahead of a meeting between US President Donald Trump and China’s President Xi Jinping.
In early trading, steel stocks were supported by rising prices for industrial metals. A possible agreement is seen as strengthening the outlook for global demand, according to market observers. In the steel sector, Salzgitter posted the most significant gain, up 4.1 percent. Shares of Thyssenkrupp and Klockner & Co also climbed, gaining as much as 2.5 percent.
Moreover, improved relations between the world’s two largest economies are considered especially important for the semiconductor sector, where the global market is heavily influenced by companies from the US and the Far East. In this sector, Infineon shares were among the gainers in the DAX on Monday, recently trading 1.4 percent higher.