Live Markets: STOXX jumps as airlines take off; energy lags

Aker ASA

24/06/2025 09:07

STOXX 600 up 1.1%

Iran-Israel ceasefire boosts risk appetite

Travel stocks jump, energy sector lags

U.S. stock futures rise

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STOXX JUMPS AS AIRLINES TAKE OFF; ENERGY LAGS

Europe's STOXX 600 .STOXX is up 1.1% on Tuesday after a ceasefire agreement between Israel and Iran boosted risk appetite and sent energy prices tumbling.

More than 500 stocks in the pan-continental benchmark index are trading higher, with only 85 stocks falling.

Europe's travel & leisure stocks .SXTP, particularly airlines, are leading the way higher as energy prices drop. Tui TUI1n.DE, IAG ICAG.L, easyJet EZJ.L, Carnival CCL.L and Wizz Air WIZZ.L are some of the top gainers across the region.

Energy companies are lagging with the fall in crude oil. Brent crude futures LCOc1 are down over 3.5%, adding to the previous day's 7.2% drop as worries about prolonged disruptions to global oil supply eased.

Equinor EQNR.OL, Aker AKER.OL, BP BP.L, Repsol REP.MC, Eni ENI.MI, TotalEnergies TTEF.PA and Shell SHEL.L are all down between 3.2%-6.8%.

Investors will be watching for the whether the ceasefire will hold. The Israeli military said its defensive systems are working to intercept missiles fired from Iran, after the ceasefire was due to be in place.

Central bank speakers are now set to dominate the agenda for the rest of the day. Fed Chair Jerome Powell begins his semi-annual testimony to Congress, while BoE Governor Bailey, ECB Vice President de Guindos and a raft of other rate setters are due to give remarks.

On Monday, the Fed's Michelle Bowman said she was open to a rate cut in July if inflation data remained contained, echoing comments by Fed Governor Christopher Waller from last week.

Here's your opening snapshot:

(Samuel Indyk)

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EARLIER ON LIVE MARKETS:

EUROPE BEFORE THE BELL: GET READY TO JUMP CLICK HERE

TRUMP TOUTS 'FOREVER' CEASEFIRE, OIL SLIDES CLICK HERE

US crude oil price in USD per barrel https://reut.rs/4le8uR6

European shares surge on ceasefire agreement https://reut.rs/44dy029