ADVFN UK Market News

Category: Market Summary

  • European energy stocks fall as oil drops sharply following US-Iran ceasefire deal

    European energy stocks fall as oil drops sharply following US-Iran ceasefire deal

    European energy shares declined sharply on Wednesday as oil prices plunged after the United States and Iran agreed to a conditional ceasefire, easing a conflict that has lasted more than five weeks and resulted in more than 5,000 deaths across nearly a dozen countries, including over 1,600 civilians in Iran.

    Shares of Shell plc (LSE:SHEL) fell by more than 6%, while BP (LSE:BP.) dropped about 8%. TotalEnergies (EU:TTE) declined roughly 5.4%, and Eni (BIT:ENI) slid 7.2% by 07:22 GMT. Elsewhere, Galp Energia (EU:GALP) and Repsol (BIT:1REP) were also lower, falling around 6.2% and 8% respectively, while Maurel & Prom (EU:MAU) dropped as much as 18.7%.

    The sell-off followed a sharp drop in crude prices. Brent crude fell around 13% to $94.80 per barrel—its lowest level since March 25—after hitting an intraday low of $91.70. U.S. benchmark WTI dropped nearly 15% to $96.21.

    Broader equity markets, however, moved higher. The FTSE 100 climbed 2.7%, Germany’s DAX gained nearly 5%, France’s CAC 40 rose 3.4%, and Europe’s Stoxx 600 advanced 3.6%.

    U.S. markets also pointed upward, with S&P 500 futures rising 2.6% to 6,828.50. Asian equities closed the session higher as well, with Japan’s Nikkei advancing 5.4%, while China’s CSI300 and Hong Kong’s Hang Seng rose 3.4% and 3.1% respectively.

    The easing of tensions came after U.S. President Donald Trump announced late Tuesday that he had agreed to pause planned attacks on Iranian infrastructure for two weeks.

    The move was “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” he wrote on Truth Social.

    Iranian Foreign Minister Abbas Araghchi said on behalf of the country’s Supreme National Security Council that Tehran’s armed forces will “cease their defensive operations.”

  • European airline stocks jump as oil prices fall on U.S.-Iran de-escalation

    European airline stocks jump as oil prices fall on U.S.-Iran de-escalation

    European airline shares surged on Wednesday, rising between 8.9% and 13.6% after oil prices dropped sharply following signs of geopolitical de-escalation between the United States and Iran, easing fuel cost pressures across the aviation sector.

    Airline groups including Ryanair (NASDAQ:RYAAY), International Airlines Group (LSE:IAG), Lufthansa (TG:LHA) and Air France-KLM (EU:AF) all moved higher as crude prices declined after U.S. President Donald Trump agreed to suspend planned military strikes against Iran for two weeks. The move reduced the immediate risk of prolonged disruption to global energy supplies.

    The agreement came just hours before a U.S. deadline for possible military action and signals a temporary pause in tensions that had threatened key oil shipping routes.

    Iran also indicated it could halt defensive operations under a broader framework, provided attacks cease and coordination continues around maritime access.

    A major focal point during the crisis had been the Strait of Hormuz, a crucial channel for global oil shipments that carries roughly 20% of the world’s oil consumption.

    Shipping through the strait had faced disruption during weeks of rising hostilities, fuelling fears of supply shocks and pushing oil prices higher.

    After Washington signalled support for efforts to stabilise traffic through the waterway, markets quickly reassessed the risk to energy supply. Brent and U.S. crude futures dropped sharply, with oil prices falling roughly 13.2% to 14.8% as of 03:44 ET (07:44 GMT).

    Lower oil prices are typically a major benefit for airline operators, as jet fuel represents a substantial portion of operating costs. The sharp decline in crude prompted investors to revise earnings expectations across the sector, triggering a broad rally in European aviation stocks.

    The surge also reflects a rebound from earlier weakness in airline shares, which had been under pressure due to rising fuel costs and heightened geopolitical uncertainty in recent weeks.

  • FTSE 100 rises as ceasefire news lifts global markets and pound strengthens

    FTSE 100 rises as ceasefire news lifts global markets and pound strengthens

    UK equities moved higher on Wednesday as global markets reacted positively to reports that the United States and Iran had agreed to a two-week ceasefire ahead of a deadline previously set by President Donald Trump.

    Sterling also strengthened during early trading while European markets posted gains. As of 0704 GMT, the blue-chip FTSE 100 was up 2.7%, while the British pound climbed 1.04% against the dollar to 1.3430. Germany’s DAX rose 5.2%, and France’s CAC 40 advanced 1.8%.

    “…I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East,” Trump posted on Truth Social.

    UK round-up

    UK Prime Minister Keir Starmer is travelling to the Middle East on Wednesday to meet regional allies and support ongoing ceasefire efforts following the agreement reached overnight.

    Starmer welcomed the development, saying the ceasefire offers a moment of relief for both the region and the wider world. During the visit, he is expected to hold discussions focused on ensuring that the reopening of the Strait of Hormuz remains permanent. The waterway is one of the most important global routes for oil shipments.

    House prices in the UK declined by 0.5% in March, bringing the average property value to £299,677, according to data released by Halifax.

    The drop follows a 0.3% rise in February, while annual house price growth slowed to 0.8%, down from 1.2% the previous month.

    Amanda Bryden, Head of Mortgages at Halifax, said the slowdown reflects uncertainty linked to the conflict in the Middle East. Concerns about rising energy costs have pushed up inflation expectations, which in turn has lifted mortgage rates and reduced confidence that interest rates will be cut this year.

    Shell plc (LSE:SHEL) said its indicative refining margin for the first quarter of 2026 increased to $17 per barrel. The company also warned that extreme commodity price volatility is expected to result in a significant working capital outflow.

    Shell added that working capital movements for the quarter are projected to fall between negative $15 billion and negative $10 billion, reflecting the impact of sharp price swings on inventories and receivables.

    Renishaw plc (LSE:RSW) announced the appointment of John Shipsey as Chief Financial Officer and Executive Director, effective 13 April 2026.

    Shipsey brings extensive senior leadership experience to the precision engineering company. He previously served as CFO at Dyson for 12 years, Smiths Group for five years and Featurespace for two years.

  • Wall Street Futures Indicate Lower Opening as Investors Monitor Iran Deadline: Dow Jones, S&P, Nasdaq

    Wall Street Futures Indicate Lower Opening as Investors Monitor Iran Deadline: Dow Jones, S&P, Nasdaq

    U.S. stock futures were pointing to a weaker start for markets on Tuesday, suggesting equities could retreat after several sessions of gains.

    Investor caution comes as markets track developments in the Middle East ahead of an 8 p.m. ET deadline set by U.S. President Donald Trump for Iran to reach an agreement.

    Trump warned that the United States could strike Iranian infrastructure—including power plants and bridges—if Tehran fails to secure a deal and reopen the Strait of Hormuz, a vital corridor for global oil shipments.

    In a recent post on Truth Social, Trump intensified his rhetoric, writing, “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will.”

    The president also suggested that a “different, smarter, and less radicalized” leadership had taken power in Iran, raising the possibility of a dramatic political shift.

    “WHO KNOWS?” Trump wrote, adding further uncertainty for financial markets. “We will find out tonight, one of the most important moments in the long and complex history of the World.”

    On Monday, stocks moved unevenly throughout the trading session but generally maintained an upward bias, ultimately closing mostly higher and extending the strong rally seen last week.

    By the end of the session, the major indices were near their intraday highs. The Nasdaq rose 117.16 points, or 0.5%, to 21,996.34. The S&P 500 advanced 29.14 points, or 0.4%, to 6,611.83, while the Dow Jones Industrial Average gained 165.21 points, or 0.4%, finishing at 46,669.88.

    Although the positive momentum from the previous week continued, investors appeared hesitant to take aggressive positions amid uncertainty about the potential escalation of the conflict between the United States and Iran following Trump’s latest threats.

    In a strongly worded Truth Social post on Easter Sunday morning, Trump again warned that U.S. forces could target Iranian power plants and bridges if the Strait of Hormuz is not reopened before Tuesday evening’s deadline.

    Oil prices initially extended last Thursday’s surge in response to Trump’s remarks but later eased after reports emerged of indirect negotiations between Washington and Tehran aimed at reaching a ceasefire.

    Axios reported, citing four U.S., Israeli and regional sources, that the United States, Iran and regional mediators are discussing terms for a possible 45-day ceasefire that could pave the way toward a lasting resolution to the conflict.

    Reuters also said that Washington and Tehran are evaluating a potential framework to end the five-week-old conflict, although the report noted that Iran has resisted pressure to quickly reopen the Strait of Hormuz.

    According to a source familiar with the discussions, a proposal brokered by Pakistan calls for an immediate ceasefire followed by talks on a broader peace agreement to be finalized within 15 to 20 days.

    However, a senior Iranian official told Reuters that Iran would not reopen the Strait of Hormuz as part of a temporary ceasefire and would not accept deadlines or pressure to reach a deal.

    Meanwhile, a White House official told CNBC that Trump has “not signed off” on the proposed 45-day ceasefire, although the president offered limited details about the negotiations during a press conference.

    Despite Monday’s overall market gains, most sectors recorded only modest movements.

    Retail stocks stood out with stronger performance, as the Dow Jones U.S. Retail Index rose 1.1%.

    Transportation, semiconductor and brokerage shares also posted gains, while pharmaceutical stocks moved lower.

  • European stocks trade sideways as markets await Trump’s Iran deadline: DAX, CAC, FTSE100

    European stocks trade sideways as markets await Trump’s Iran deadline: DAX, CAC, FTSE100

    European equity markets were broadly flat on Tuesday as investors monitored developments in the Middle East ahead of a deadline set by U.S. President Donald Trump for Iran to reach an agreement.

    Trump expanded his warning toward Tehran, saying the United States could target infrastructure such as power plants and bridges if Iran fails to secure a deal and reopen the Strait of Hormuz, a key route for global energy shipments.

    The euro edged slightly higher against the U.S. dollar after revised data showed marginally stronger private-sector activity in the eurozone during March.

    Final figures from S&P Global indicated that the eurozone composite purchasing managers’ index was revised upward to 50.7 from a preliminary estimate of 50.5 published two weeks earlier.

    In the United Kingdom, the PMI composite output index came in at 50.3 in March, down from 53.7 recorded in February.

    Across major European markets, France’s CAC 40 was up around 0.4%, while the U.K.’s FTSE 100 was little changed and Germany’s DAX slipped about 0.1%.

    Banking stocks posted gains, with Commerzbank (TG:CBK), Deutsche Bank (TG:DBK), BNP Paribas (EU:BNP), Credit Agricole (EU:ACA) and Societe Generale (EU:GLE) rising between 1% and 2%.

    Dutch lender ING (EU:INGA) advanced about 1.2% after ending an agreement related to its Russian operations.

    Shares of Universal Music Group (EU:UMG) surged roughly 13% after Bill Ackman’s Pershing Square Capital unveiled an offer to acquire the world’s largest music company in a transaction valued at approximately €55.75 billion ($64.31 billion).

    Sanofi (EU:SAN) gained about 1% after the French pharmaceutical group said that lunsekimig achieved both the primary and key secondary endpoints in two Phase II clinical trials evaluating the investigational bispecific pentavalent nanobody.

    Hunting Plc (LSE:HTG), a precision engineering company, rose 1.3% after securing nearly $68 million in orders tied to a new offshore development project in Guyana.

    Meanwhile, ASML Holding (EU:ASML) fell 2.8% after U.S. lawmakers introduced legislation aimed at restricting the sale of advanced semiconductor manufacturing equipment to China.

  • Markets watch Iran deadline as futures slip, Broadcom surges on Google partnership: Dow Jones, S&P, Nasdaq, Wall Street

    Markets watch Iran deadline as futures slip, Broadcom surges on Google partnership: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. equity futures moved lower early Tuesday while oil prices stayed above $110 a barrel, as investors focused on the approaching deadline set by President Donald Trump for Iran to accept a ceasefire agreement. Trump signaled that diplomacy remains possible but warned the United States could strike key Iranian infrastructure—including bridges and power plants—if no deal is reached by Tuesday evening. In corporate developments, Broadcom (NASDAQ:AVGO) shares jumped after announcing a new partnership with Google, while Samsung Electronics (USOTC:SSNHZ) released strong preliminary earnings.

    U.S. futures edge lower

    U.S. stock futures declined on Tuesday morning as markets turned cautious ahead of Trump’s ultimatum to Iran to agree to a ceasefire or face significant military action targeting infrastructure.

    By 03:15 ET, Dow futures had fallen 104 points, or 0.2%. Futures tied to the S&P 500 dropped 25 points, or 0.4%, while Nasdaq 100 futures slid 118 points, or 0.5%.

    Despite the overnight decline in futures, the three major U.S. stock indices closed the previous trading session higher as investors searched for signs that negotiations might bring an end to the conflict that has lasted for more than a month.

    At the same time, markets continued to evaluate the economic effects of the war. Data released Monday showed that U.S. services activity expanded in March but at a slower pace than economists expected. Employment in the sector declined, and the prices-paid component—an indicator of inflationary pressures—rose to its highest level since October 2022.

    Investors were also watching developments in the $1.8 trillion private credit market. Shares of Blue Owl Capital (NYSE:OWL), which has been closely associated with concerns in that sector, fell to a record closing low after the company announced restrictions on withdrawals from two of its funds following a rise in redemption requests.

    Oil holds above $110

    Oil markets remained elevated as tanker traffic through the Strait of Hormuz continued to face major disruption.

    Brent crude futures, the global benchmark, climbed 1.5% to $111.45 per barrel, while U.S. West Texas Intermediate crude futures rose 2.4% to $115.14 per barrel.

    The Strait of Hormuz, a key shipping corridor off Iran’s southern coastline through which roughly one-fifth of global oil supply normally passes, has been largely closed to tanker movements for weeks, raising fears of a significant disruption to global energy flows. Many Asian economies depend heavily on energy shipments through the strait, while European countries also rely on natural gas supplies originating from the Persian Gulf.

    Speaking to reporters Monday, Trump said any ceasefire agreement must include Iran’s commitment to reopen the shipping route. If Tehran fails to meet the Tuesday deadline of 8 p.m. Eastern time, he warned that U.S. strikes would target bridges and power plants so severely that Iran would need “100 years to rebuild.”

    Even so, Trump suggested that diplomacy remains possible, saying Iran would “like to make a deal.”

    Broadcom rises after Google agreement

    Broadcom shares surged in after-hours trading after the semiconductor company announced a long-term partnership with Google to develop and support custom processors optimized for artificial intelligence applications.

    The company also said it will provide networking hardware and other infrastructure components for Google’s AI systems through 2031.

    In a separate arrangement, Broadcom agreed to grant AI startup Anthropic access to around 3.5 gigawatts of computing power built on Google’s AI processors beginning next year.

    Analysts at Vital Knowledge said the deals point to “upside risk to Broadcom’s” earlier projection that artificial intelligence could generate more than $100 billion in revenue by 2027.

    Samsung forecasts strong profit growth

    Samsung Electronics reported preliminary guidance on Tuesday pointing to a sharp increase in first-quarter profits, fueled by strong demand for AI-related semiconductors that boosted its chip division.

    The company said operating profit for the January–March period is expected to reach approximately 57.2 trillion won ($38 billion), more than eight times the 6.69 trillion won recorded during the same quarter a year earlier.

    Revenue is projected to reach about 133 trillion won, compared with 79.14 trillion won in the prior-year period.

    The forecast highlights a strong recovery in the memory chip market, where demand for high-bandwidth memory (HBM) and other AI-focused semiconductors has surged as generative AI technologies continue to expand rapidly.

    Pershing Square targets Universal Music Group

    Meanwhile, shares of Universal Music Group (EU:UMG) soared more than 14% in Amsterdam after Bill Ackman’s Pershing Square Capital announced a proposal to acquire the music company in a cash-and-stock transaction valued at more than €55 billion.

    Pershing Square said the plan involves merging Universal with Pershing Square Sparc Holdings to create a new Nevada-based entity that would shift the company’s listing to the New York Stock Exchange. Universal Music Group began trading in Amsterdam in 2021 following its spin-off from media conglomerate Vivendi (EU:VIV).

    Ackman said in a statement that Universal’s share price has “languished due to a combination of issues that are unrelated” to the underlying business and could be “addressed with this transaction.”

    Shares of European media groups including Vivendi and Bollore (EU:BOL) also rallied following the announcement of Pershing Square’s proposal.

  • FTSE 100 edges higher as markets reopen, investors watch Trump’s Iran deadline

    FTSE 100 edges higher as markets reopen, investors watch Trump’s Iran deadline

    UK equities opened slightly higher on Tuesday as trading resumed following the Easter holiday, while the pound weakened against the dollar as investors monitored geopolitical developments surrounding U.S. President Donald Trump’s deadline for Iran. European markets showed a mixed performance.

    At 07:08 GMT, the FTSE 100 blue-chip index was up 0.09%, while sterling slipped 0.06% against the U.S. dollar to trade at 1.3237.

    Elsewhere in Europe, Germany’s DAX was broadly unchanged, while France’s CAC 40 advanced by 0.5%.

    UK market highlights

    Preliminary industry data published on Tuesday indicated that new car registrations in the UK increased by around 6% in March.

    Sales of battery electric vehicles (BEVs) reached a record level during the month, according to the Society of Motor Manufacturers and Traders. Fully electric cars accounted for approximately 23% of total registrations, although this remains below the UK government’s target of 33% by 2026.

    Meanwhile, WH Smith PLC (LSE:SMWH) said Leo Quinn has formally taken on the role of Executive Chair after shareholders approved the appointment at the company’s General Meeting on March 12.

    Andrew Harrison stepped down from the board with immediate effect and will return to his previous role as chief executive of the group’s UK division.

  • European stocks edge higher as Trump’s Iran deadline approaches: DAX, CAC, FTSE100

    European stocks edge higher as Trump’s Iran deadline approaches: DAX, CAC, FTSE100

    Major European equity markets opened slightly higher on Tuesday following the long weekend, though gains were limited as investors remained cautious ahead of a deadline set by U.S. President Donald Trump for Iran to agree to a ceasefire.

    At 07:08 GMT, the pan-European Stoxx 600 was up 0.1%. Germany’s Dax was little changed, France’s CAC 40 advanced 0.5%, and the UK’s FTSE 100 gained 0.2%. Most European markets had been closed on Monday for a public holiday.

    During a press conference, Trump dampened expectations that Washington and Tehran might soon agree to a mediated pause in the conflict that has lasted for more than a month. Iran had previously rejected a proposal backed by the United States and regional mediators that would have halted fighting for 45 days and reopened the Strait of Hormuz.

    Trump warned that the United States would destroy “every bridge” and “power plant” in Iran if Tehran failed to meet his Tuesday night deadline to accept a deal that would allow shipping to resume through the strait. The waterway—through which roughly one-fifth of global oil supply passes—has effectively been closed to tanker traffic, pushing oil prices higher and raising concerns about inflation and global economic growth.

    If the United States were to launch additional strikes, Trump said it would take Iran “100 years to rebuild.”

    Despite the tough rhetoric, Trump also suggested that a diplomatic settlement remains possible in the conflict, which began in late February with joint U.S. and Israeli strikes on Iran.

    Since then, the fighting has spread across parts of the Middle East, with Israel targeting Iran-aligned Hezbollah militants in Lebanon. Iran has responded not only with attacks on Israel and the disruption of shipping through the Strait of Hormuz, but also with strikes on critical energy infrastructure in the Persian Gulf, heightening worries about the stability of global crude supplies.

    Several Asian economies rely heavily on energy shipments passing through the strait, while many European countries depend on natural gas exports from the Persian Gulf for heating and to power data centres.

    Oil prices extended their recent rally. Brent crude futures, the international benchmark, rose 1.4% to $111.28 per barrel, while U.S. West Texas Intermediate crude climbed 2.1% to $114.74 per barrel.

    “[T]he focus [for investors] will be on whether any ceasefire can be agreed and whether energy prices can avoid another large leg higher,” analysts at ING said in a note.

    Elsewhere, shares of Universal Music Group (EU:UMG), listed in Amsterdam, jumped more than 14% after Bill Ackman’s Pershing Square Capital (LSE:PSH) revealed a proposal to acquire the company through a cash-and-stock transaction valued at more than €55 billion.

  • U.S. stocks set for higher open after strong rally: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. stocks set for higher open after strong rally: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. stock index futures pointed to a positive start for markets on Wednesday, indicating equities may continue to rise after the sharp gains recorded in the previous session.

    Investor confidence has been supported by growing expectations that the United States could soon bring its conflict with Iran to an end, following new remarks from President Donald Trump.

    Speaking with reporters at the White House on Tuesday, Trump said American forces could withdraw from Iran within “two or three weeks.”

    Trump also argued that a negotiated settlement would not be necessary to conclude the war, describing a deal as “irrelevant” because “everything’s been bombed out.”

    The White House later announced that Trump will address the nation at 9 p.m. ET on Wednesday to deliver an important update on the situation with Iran.

    Oil prices continued to retreat after the president’s comments, with U.S. crude futures falling below the $100-per-barrel mark.

    Markets surge on easing geopolitical concerns

    Stocks built on early gains throughout Tuesday’s session, ending the day firmly higher across the board, with technology stocks leading the advance.

    By the close, the major benchmarks were near their daily highs. The Nasdaq jumped 795.99 points, or 3.8%, to 21,590.62, while the S&P 500 climbed 184.80 points, or 2.9%, to 6,528.52. The Dow Jones Industrial Average rose 1,125.37 points, or 2.5%, to 46,341.51.

    Even with Tuesday’s rally, the major indexes still recorded sizable losses for March overall. The Dow fell 5.4%, the S&P 500 declined 5.1%, and the Nasdaq dropped 4.8% during the month.

    Reports of potential war wind-down lift sentiment

    The strong move higher on Wall Street followed reports that the U.S. administration may be looking for a way to conclude its military involvement in the Middle East.

    According to the Wall Street Journal, Trump told advisers he would consider ending the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed.

    Officials cited in the report said Trump and his team believe that attempting to reopen the strait by force would likely extend the conflict beyond his preferred timeline of four to six weeks.

    Those officials also indicated that the administration will continue applying diplomatic pressure on Tehran to restore commercial shipping through the strait. If that effort fails, Washington may push allied countries to lead efforts to reopen the waterway.

    Stocks accelerated further in afternoon trading after Trump appeared to confirm parts of the Journal’s report in an interview with the New York Post, saying the United States would not remain in the region “too much longer.”

    In the same interview, Trump suggested other nations should take responsibility for reopening the Strait of Hormuz, stating: “Let the countries that are using the strait, let them go and open it… because I would imagine whoever’s controlling the oil will be very happy to open the strait.”

    Oil prices moved lower following those remarks, boosting optimism that an eventual end to the conflict could ease energy costs and help reduce inflation concerns.

    Sector performance

    Value hunting also played a role in Tuesday’s rally, with the Nasdaq and S&P 500 rebounding from their lowest closing levels in nearly eight months.

    Gold-related equities surged alongside the rising price of the precious metal, driving the NYSE Arca Gold Bugs Index up 7.2%.

    Semiconductor stocks also posted notable gains, with the Philadelphia Semiconductor Index jumping 6.2% after closing Monday at a three-month low.

    Airline stocks advanced strongly as well, pushing the NYSE Arca Airline Index higher by 5.4%.

    Other areas showing strength included computer hardware, biotechnology, and networking stocks, while energy companies declined as oil prices retreated during the session.

  • European stocks jump after Trump signals possible end to Iran conflict: DAX, CAC, FTSE100

    European stocks jump after Trump signals possible end to Iran conflict: DAX, CAC, FTSE100

    European equity markets moved sharply higher on Wednesday after U.S. President Donald Trump said the war with Iran could come to an end within two weeks even without an agreement to reopen the Strait of Hormuz. The comments helped ease investor concerns after weeks of volatility triggered by the conflict. Still, analysts cautioned that it may take another six to eight weeks before oil shipments return to normal levels.

    “Even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future,” the European Union’s energy commissioner said during a press conference following a meeting of EU energy ministers.

    On the economic front, a new survey showed that the eurozone’s manufacturing sector continued to expand. The region’s manufacturing PMI rose to 51.6 in March from 50.8 in February, reaching its highest level in 45 months.

    Market gains were broad across the region. Germany’s DAX was up 2.5%, France’s CAC 40 gained 1.9%, and the U.K.’s FTSE 100 climbed 1.8%.

    Banking stocks led the rally, with Commerzbank (TG:CBK), Deutsche Bank (TG:DBK), BNP Paribas (EU:BNP), Credit Agricole (EU:ACA) and Barclays (LSE:BARC) posting strong gains.

    Dutch insurer Aegon (EU:AGN) also advanced after announcing plans to extend CEO Lard Friese’s leadership term through 2030.

    Shares of GSK (LSE:GSK) moved higher as well after the British pharmaceutical group and Shionogi & Co. completed a transaction restructuring the ownership of ViiV Healthcare.

    Real estate investment trust Derwent London (LSE:DLN) also surged after agreeing to sell Horseferry House for £131.8 million.

    Meanwhile, online trading platform IG Group Holdings (LSE:IGG) gained ground after unveiling a £125 million share buyback programme.