economy
European stocks close higher amid growing optimism for U.S.-Iran peace deal
European stocks soared on Wednesday as traders responded to reports that the U.S. and Iran are close to an agreement that will bring an end to the war.
TL;DR
- European stocks rose sharply on Wednesday due to reports of a potential U.S.-Iran agreement to end the war.
- The pan-European Stoxx 600 index gained 2.3%, with major bourses in London, France, and Germany also showing strong positive performance.
- All sectors except oil and gas finished higher, and the euro strengthened against the dollar.
- The U.S. and Iran are reportedly nearing a one-page memorandum of understanding to end the war and establish a framework for nuclear talks.
- President Trump cited 'Great Progress' toward an agreement as a reason for pausing 'Project Freedom'.
- South Korea's Kospi index surged 6.5% to a new peak, with Samsung Electronics reaching a record high and exceeding $1 trillion in market capitalization.
- Novo Nordisk increased its annual profit guidance due to strong sales of its weight-loss drugs.
- Pandora shares rose approximately 15% after its first-quarter sales surpassed analyst expectations.