European Stocks Stage Biggest Rally Since 2022 on Ceasefire Deal

European stocks soared the most in more than four years as investors rushed to buy stocks in the wake of the US and Iran agreeing to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz.

The Stoxx Europe 600 index was up 3.9% by the close, the biggest gain since March 2022. Stocks that had fallen the most during the war posted some of the biggest gains. EasyJet Plc and TUI AG jumped more than 10% as travel and tourism stocks led the advance in the index. Energy was the only sector in the red.