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DAX Little Changed In Cautious Trade; Banks Rally

German stocks were flat to slightly lower on Monday, reflecting worries over global trade following reports that the European Union is considering hitting U.S. goods with retaliatory tariffs to the tune of 10.2 billion euros ($11.5 billion), escalating a tariff war over disputed aviation subsidies.

The benchmark DAX was virtually unchanged at 12,001 in opening deals after rising half a percent on Friday.

Daimler shed 0.9 percent. The luxury carmaker denied media reports that it quietly removed emission-test-cheating software from a range of Mercedes GLK 220 CDI diesel models. Rivals BMW and Volkswagen were little changed.

Commerzbank was rallying 2.5 percent and Deutsche Bank was up 1.2 percent ahead of quarterly results from a number of big U.S. banks due this week.

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