DAX Inches Higher On Easing Ukraine Tensions

German stocks were seeing modest gains on Friday as diplomatic efforts continue to avoid a conflict in Ukraine.

The U.S. Secretary of State agreed to a meeting with Russia’s foreign minister, raising hopes of a diplomatic solution.

Also, Russia said earlier today it was withdrawing more tanks and other armoured vehicles from areas near Ukraine’s border after running war games that had raised concerns in the West.

The benchmark DAX after losing 0.7 percent in the previous session.

Insurer Allianz fell 1.4 percent after it took a €3.7bn hit to its pre-tax profits.

Automakers were broadly higher, while banks traded mixed. Commerzbank shares were up more than 2 percent.