European stocks hit new highs

European stocks surged to record highs after a preliminary agreement was reached between the United States and Iran to end the conflict and reopen the Strait of Hormuz. The Euro Stoxx 600 index hit an all-time high, rising by 1.2% to reach 640.94 points. Many sectors saw gains, especially automotive and aerospace stocks, amid expectations that the European Central Bank will raise interest rates by 25 basis points to curb inflation.

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