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Germany's DAX Extends Rally on US-Iran Deal Hopes; Delivery Hero Jumps

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The German blue-chip DAX index extended its gains at the start of a new trading week, closing 2.01% higher on Monday, buoyed by US-Iran deal optimism.

Speaking in Tehran, Iranian Foreign Ministry Spokesperson Esmail Baqai acknowledged media reports of progress in talks with the US, saying the parties have "reached a conclusion on a large portion of the issues under discussion," but cautioned that an agreement is not "imminent." Earlier, US Secretary of State Marco Rubio issued a similar cautionary statement in New Delhi, India, telling reporters not to "read too much into it." Rubio's comments followed US President Donald Trump's directive to negotiators not to rush the process.

"We've been at this stage before, only for talks to break down. Therefore, the market will likely be more cautious about overreacting to these headlines. There also appears to have been some tempering of optimism. Trump has since said he's in no 'rush' for a deal and that it 'isn't even fully negotiated yet'. The US suggests that any final deal could take several days. Meanwhile, local Iranian media claims that the US is still blocking some key Iranian demands. Obviously, the big unknown is how the US and Iran will resolve their differences on Iran's nuclear programme," ING analysts said.

Still, the news of a potential deal sent oil prices lower, with the Brent crude futures down nearly 6% to $98 a barrel, which in turn fueled a rally in the European travel and leisure sector. Aircraft engine manufacturer MTU Aero Engines (MTX.F) was DAX's top-performing stock at 6.11% in the green, while Airbus' (AIR.F) German stock gained 2.79%.

Back in Europe, market watchers are awaiting key data this week, including the euro area's latest consumer confidence report on Thursday and preliminary May inflation print in Germany and the wider eurozone due on Friday. Germany's April import prices and May unemployment figures will also be released on Friday.

In corporate news, Delivery Hero (DHER.F) surged 11.94% on Xetra, after London's Financial Times reported that Uber is considering raising its takeover offer for the German online food delivery company. Citing three people familiar with the matter, the report noted that Uber's board discussed a higher offer after a major shareholder rejected a 38-euro-per-share bid, equivalent to a valuation of more than 11.5 billion euros. Delivery Hero confirmed a baseline proposal of 33 euros per share in a May 23 release.

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US Equity Indexes Rise, Crude Oil Off Session Highs as Iran Peace Talks Press Ahead

US equity indexes rose as pressure on government bond yields eased and crude oil retreated from intraday highs amid intense diplomacy to reach a deal with Iran.The Nasdaq Composite rose 0.2% to 26,343.97, with the S&P 500 up 0.4% to 7,473.47 and the Dow Jones Industrial Average higher by 0.6% to 50,579.70. The Dow hit an all-time high of 50,830.24, according to data compiled by CNBC.Iran said peace negotiations with the US face "deep and significant" differences, and it's difficult to say if a deal can be reached over the next "weeks or months," Al Jazeera reported Friday.A Qatari negotiating team arrived in Tehran on Friday in coordination with the US to help secure a deal to end the war, Reuters reported, citing a source with knowledge of the matter. Pakistan's army chief Asim Munir is headed to Tehran to help mediate a settlement, Al Jazeera reported Friday.While there are "good signs" that an agreement to end the conflict is in sight, any deal would be "unfeasible" if Iran pursues measures to permanently control the Strait of Hormuz, US Secretary of State Marco Rubio said on Thursday, according to CNBC. The US plans to seize Tehran's stockpile of enriched uranium as part of peace negotiations, President Donald Trump reportedly said Thursday.West Texas Intermediate crude oil futures rose 0.1% to $96.44, and Brent crude futures climbed 0.9% to $103.54. The WTI and Brent futures traded more than 3% higher earlier in the day.US Treasury yields were mixed, with the 10-year down 2.6 basis points to 4.56% and the 30-year down 4.7 basis points to 5.06%. The two-year yield, however, rose 3.6 basis points to 4.12%.In economic news, the Conference Board's measure of leading indicators rose by 0.1% in April following a 0.6% decrease in March.The University of Michigan consumer sentiment index was revised down to 44.8 for May from a preliminary reading of 48.2, compared with expectations for no revision in a Bloomberg-compiled survey and a drop from the final 49.8 in April.Respondents in the Michigan survey expected a 4.8% inflation rate over the next year and 3.9% annual inflation over the next five years, up from 4.7% and 3.5%, respectively, in April.In company news, Dell Technologies (DELL) shares jumped 17%, the top gainer on the S&P 500, after Wells Fargo raised its price target to $270 from $180.Take-Two Interactive Software (TTWO) reported a narrower fiscal Q4 net loss as revenue increased. MoffettNathanson adjusted its price target on the company's shares to $196 from $206 while maintaining its neutral rating. Take-Two shares slumped 4.4%, the second-steepest decline on the Nasdaq.Merck (MRK) said Friday the European Medicines Agency's Committee for Medicinal Products for Human Use has recommended the approval of Keytruda, in combination with Padcev, to treat a type of bladder cancer. Shares of Merck jumped 5.6%, the Dow's top performer.

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US Equity Indexes Rise This Week as Crude Oil Drops Amid Hopes of Iran Peace Deal

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Exchange-Traded Funds Rise as US Equities Advance After Midday

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Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH