European stocks rise on Strait of Hormuz hopes

European stocks reached unprecedented levels today, Thursday, with the Stoxx 600 index rising by 0.4% to 660 points, amid hopes of reaching an agreement between the United States and Iran and progress in reopening the Strait of Hormuz. Additionally, corporate earnings results boosted profit expectations, as the Stoxx 600's second-quarter earnings are expected to increase by approximately 21%, compared to prior forecasts of 12.5%. Deutsche Telekom's shares rose by 5.5% after expanding its share buyback program, while the telecommunications sector advanced by 1.6%, and Glanbia's stock increased by 8.4% following revenue growth.

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