Global Market: European Shares Hit Record High as Peace Hopes, Strong Earnings Lift Sentiment
Hopes for a U.S.-Iran peace deal and stronger earnings lifted the STOXX 600, which rose 0.5% as analysts raised profit forecasts.
- European shares hit an intraday record high on Thursday as investors assessed progress toward a potential U.S.-Iran peace deal and reopening the Strait of Hormuz, alongside positive corporate earnings reports.
- A proposed deal between Iran and Oman to end five months of war would reportedly grant Tehran control over vessels entering the Gulf through the Strait, one of the biggest concessions yet to Iran.
- Corporate earnings reports fueled market gains, with WPP shares soaring 23.8% after beating organic growth estimates and Deutsche Telekom rising 5.7% after expanding its share buyback program to up to €5 billion.
- Deutsche Bank analysts led by Jim Reid noted that attention is shifting to final arrangements, with "unresolved questions around whether Iran will eventually be permitted to levy tolls on vessels using the Strait."
- Oil futures edged up 0.5% on Thursday as reports of attacks on Saudi tankers in the Red Sea and Gulf of Aden renewed regional supply tensions, tempering broader market optimism.
20 Articles
20 Articles
The hope in the Middle East continues to push the European Stock Exchanges towards the peaks, even if Brussels has finally let go. ...
The European exchanges closed this Thursday (6) on high and the Stoxx 600 and CAC 40 indices in Paris renewed their closing records once again. Optimism about the possibility of an agreement for the reopening of Ormuz and the strong quarterly results of companies on the continent supported the positive dynamic and minimized the effects of the fall in the technology sector and the high oil prices. The Pan-European Stoxx 600 index closed at high 0…
European shares scale record peak on earnings, US-Iran optimism
Paris (at 8,742.21 points), Milan (54,024.32 points), and Madrid (20,326.70 points) all hit new trading records Thursday morning. Around 2:00 PM GMT, the CAC 40 index in Paris was up 0.78%, Frankfurt gained 0.25%, and Milan 0.95%. Only London was down, by 0.12%. "Markets benefited from significant relief coming from the Middle East," commented Patrick Munnelly of Tickmill Group. Oil prices around $80 a barrel "provide significant support, and …
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