European Shares Climb As Israel-Iran Ceasefire Comes Into Effect
(RTTNews) - European stocks opened on a strong note Tuesday after the office of Israeli Prime Minister Benjamin Netanyahu and Iranian state media outlet Press TV confirmed a ceasefire had begun.
In economic news, German business morale improved more than expected in June amid improvement in companies' future prospects, a survey showed. The Ifo institute's business climate index rose to 88.4 from 87.5 in May.
The focus now turns to U.S. Federal Reserve Chair Jerome Powell's upcoming testimony before Congress later in the day.
The pan-European STOXX 600 jumped 1.3 percent to 542.16 after closing 0.3 percent lower on Monday.
The German DAX rallied over 2 percent, France's CAC 40 gained 1.3 percent and the U.K.'s FTSE 100 was up 0.4 percent.
Travel-related stocks traded higher, with Carnival and EasyJet surging 6-7 percent.
Defense stocks fell, with Hensoldt falling 2.8 percent and Rheinmetall losing 1.4 percent.
Volvo AB rallied 2.6 percent after its construction equipment unit signed a pact to sell its ownership in China-based SDLG (Shandong Lingong Construction Machinery Co) to a fund predominantly owned by the Lingong Group (LGG).
Educational technology and resources provider RM Plc soared 9 percent after saying it is on track to achieve annual targets.
Bunzl advanced 1.5 percent after announcing its latest acquisition deal to buy Brazilian food packaging business Solupack.
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