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European Stocks Surge On News Of US-Iran Ceasefire
(MENAFN- Jordan News Agency)
Amman, April 8 (Petra) -- European shares jumped on Wednesday after the announcement of a ceasefire between the United States and Iran triggered a relief rally across global markets.
The pan-European STOXX 600 index rose 3.9% to 613.50 points, marking its largest single-day percentage gain in over four years. The rally snapped a two-day losing streak as investors reacted to the de-escalation of a six-week conflict that had previously stoked fears of a systemic energy shock and an inflationary spike.
Major regional bourses saw significant gains, with Germany's DAX soaring 4.7% and France's CAC 40 advancing 4.5% to close at 8,264.
The gains were broad-based, led by sectors most sensitive to energy costs and regional stability. Travel, industrial, and banking shares climbed between 5.7% and 7.1%. Technology stocks also performed strongly, rising 5.6% on the back of a robust showing by chipmakers.
Steel manufacturers, which had been under significant pressure due to surging production costs, saw a sharp rebound as oil prices plunged. Brent crude futures dropped as much as 16% following the news, easing the burden on energy-intensive industries.
The market surge follows an announcement on Tuesday evening of a two-week conditional ceasefire, which includes provisions for the resumption of shipping through the Strait of Hormuz. Analysts noted that while the regional outlook remains complex, the deal has provided the "off-ramp" investors were seeking, bolstering global consumer sentiment and risk appetite.
Amman, April 8 (Petra) -- European shares jumped on Wednesday after the announcement of a ceasefire between the United States and Iran triggered a relief rally across global markets.
The pan-European STOXX 600 index rose 3.9% to 613.50 points, marking its largest single-day percentage gain in over four years. The rally snapped a two-day losing streak as investors reacted to the de-escalation of a six-week conflict that had previously stoked fears of a systemic energy shock and an inflationary spike.
Major regional bourses saw significant gains, with Germany's DAX soaring 4.7% and France's CAC 40 advancing 4.5% to close at 8,264.
The gains were broad-based, led by sectors most sensitive to energy costs and regional stability. Travel, industrial, and banking shares climbed between 5.7% and 7.1%. Technology stocks also performed strongly, rising 5.6% on the back of a robust showing by chipmakers.
Steel manufacturers, which had been under significant pressure due to surging production costs, saw a sharp rebound as oil prices plunged. Brent crude futures dropped as much as 16% following the news, easing the burden on energy-intensive industries.
The market surge follows an announcement on Tuesday evening of a two-week conditional ceasefire, which includes provisions for the resumption of shipping through the Strait of Hormuz. Analysts noted that while the regional outlook remains complex, the deal has provided the "off-ramp" investors were seeking, bolstering global consumer sentiment and risk appetite.
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