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(Bloomberg) — European stocks ended the week near a record high, as oil fell on speculation a deal between the US and Iran to reopen the Strait of Hormuz is near.
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The Stoxx Europe 600 Index was up 1.9% by the close, trading near February’s pre-war peak. Oil extended declines, with Brent dropping nearly 4% to around $87 a barrel. Travel and bank shares were the biggest gainers, while energy was was the only sector in the red.
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Traders are watching to see what comes of the latest claims from US President Donald Trump that an accord is all but done. An Iranian foreign ministry spokesman on Friday said Tehran has yet to reach a conclusion on any deal.
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Travel and leisure stocks outperformed Friday on the drop in oil prices, with TUI AG and British Airways owner International Consolidated Airlines Group SA both up more than 7%.
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Global attention was focused on SpaceX’s trading debut, as shares climbed in their first day of trading after Elon Musk’s company made history with a $75 billion IPO that instantly turned it into one of the biggest public companies in the world.
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“It’s really been a rollercoaster week, which will likely end with gains for Europe if this morning’s sentiment holds,” said Vincent Juvyns, chief investment strategist at ING Groep NV in Brussels. He pointed to the buoyant mood surrounding AI investments and the incoming SpaceX IPO, adding that “many investors fear missing out.”
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Meanwhile, European Central Bank Governing Council member Joachim Nagel said policy makers are prepared to hike interest rates again next month if the shock from the war in the Middle East requires it.
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The ECB on Thursday raised borrowing costs for the first time since 2023, becoming the first major central bank to react to the inflation caused by the Iran war.
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For more on equity markets:
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- DAX Has More Riding on Iran Peace Hopes Than Peers: Taking Stock
- M&A Watch Europe: Adyen, Exail, Danske Bank, Glenstone, Belfius
- InstallatorGruppen Slides in Copenhagen Debut: ECM Watch
- US Stock Futures Rise; Intel Gains
- Wizz Avoids Expected Loss: The London Rush
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—With assistance from Michael Msika and Bre Bradham.
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