European markets hit new highs amid easing tensions

The Euro STOXX 600 index recorded its highest level ever, rising by 1.2% to 640.94 points, after the United States and Iran reached a preliminary agreement to end their conflict and reopen the Strait of Hormuz. The news led to gains in major indices across Europe and Asia, with significant increases in automotive, airline, travel, and entertainment sector stocks. It also prompted investors to anticipate that the European Central Bank might raise interest rates by another 25 basis points before the end of the year to contain inflation.

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