Snapshot: The DAX is up 0.28% at 24262, buoyed by reports of a potential peace proposal from Iran. This optimism is overshadowing concerns about tighter lending conditions highlighted by the ECB’s survey.
- Resistance seen at intraday high of 24380; break above would invite further upside.
- Watch for any headlines undermining the Iran peace talk narrative; pullback could be swift.
Bias into NY: Mildly bullish above 24150. A risk-on mood is prevailing in early trading, but keep in mind that German consumer confidence unexpectedly fell to a three-year low in May.