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2026-05-25 16:37:20
[European Stocks Hit Two-Month High, Boosted by Progress in US-Iran Talks] ⑴ The pan-European Stoxx 600 index rose 1.35%, trading slightly below its all-time high reached before the Middle East conflict erupted in late February. The banking sector rose 1.7%, Lufthansa rose 4.06%, Air France-KLM rose 7.5%, and Brent crude fell below $100 a barrel. ⑵ Despite the US president's warning against rushing to a deal with Iran, investors seemed more inclined to believe his Saturday statement that Washington and Tehran had "extensively negotiated" a memorandum of understanding on a peace agreement to reopen the Strait of Hormuz. ⑶ One-fifth of the world's oil and gas is transported through the Strait of Hormuz, a key maritime route for energy-dependent Europe. The Stoxx 600 had previously underperformed other global stock indices due to concerns that rising oil prices would exacerbate regional inflationary pressures. ⑷ In individual stocks, Delivery Hero rose 9.55%. Earlier reports indicated that Uber's board of directors met on Saturday to discuss restarting its takeover bid for the German food delivery group, after a previous offer valuing the company at over €11.5 billion was rejected by a major shareholder. (5) Trading is expected to be relatively light as US and UK markets are closed for holidays.
