European Stocks Rise Sharply in Wednesday Trading After Two-Week Ceasefire of Middle East War

The European stock markets were surging higher in Wednesday trading after the US announced a two-week ceasefire in its war against Iran. The announcement sent energy stocks sharply lower, while mining and transportation sector stocks climbed significantly higher.The Stoxx Europe was rising 3.6%, Germany's DAX was advancing 4.8%, the FTSE 100 was climbing 2.5% higher, France's CAC was increasing 4.3%, and the Swiss Market Index was up 2.5%.And in corporate news, Telefonica said Tuesday its Hispanoamerica unit agreed to sell its entire stake in its Mexican operations to Melisa Acquisition for $450 million, subject to adjustments.The regional operations are comprised of the Pegaso PCS and Celular de Telefonia units, and the purchasing entity is a consortium led by OXIO and Newfoundland Capital Management, the company said.Shares of the Spanish telecommunications operator were up 0.6% in Madrid.GSK said Wednesday the Chinese National Medical Products Administration approved its biologic medication Exdensur as a supplemental therapy for adult patients suffering from chronic rhinosinusitis with nasal polyps.The medication is the first ultra-long-acting biologic approved for the condition in the country and follows a recent domestic authorization for severe asthma, the company said.Shares of the British pharmaceutical company are gaining 1.2% in London.Shell said Wednesday it expects Q1 upstream production of 1.76 million to 1.86 million barrels of oil equivalent per day, compared with 1.89 million in Q4.Integrated gas production for the quarter is expected at 880,000 to 920,000 barrels of oil equivalent per day, compared with 948,000 barrels in the prior quarter, according to the company.Shares of Shell were falling 5% in London.Stellantis is in advanced talks to co-develop an Opel-branded electric sport utility vehicle with its Chinese partner Leapmotor to cut costs and speed up EV development, Reuters reported Wednesday, citing sources familiar with the matter.The SUV would be made at Stellantis' Zaragoza plant in Spain using Leapmotor's technology, while Opel would handle the exterior design, according to the report.Shares of the automaker surged 6.1% in Paris.

-- The European stock markets were surging higher in Wednesday trading after the US announced a two-week ceasefire in its war against Iran. The announcement sent energy stocks sharply lower, while mining and transportation sector stocks climbed significantly higher.

The Stoxx Europe was rising 3.6%, Germany's DAX was advancing 4.8%, the FTSE 100 was climbing 2.5% higher, France's CAC was increasing 4.3%, and the Swiss Market Index was up 2.5%.

And in corporate news, Telefonica said Tuesday its Hispanoamerica unit agreed to sell its entire stake in its Mexican operations to Melisa Acquisition for $450 million, subject to adjustments.

The regional operations are comprised of the Pegaso PCS and Celular de Telefonia units, and the purchasing entity is a consortium led by OXIO and Newfoundland Capital Management, the company said.

Shares of the Spanish telecommunications operator were up 0.6% in Madrid.

GSK said Wednesday the Chinese National Medical Products Administration approved its biologic medication Exdensur as a supplemental therapy for adult patients suffering from chronic rhinosinusitis with nasal polyps.

The medication is the first ultra-long-acting biologic approved for the condition in the country and follows a recent domestic authorization for severe asthma, the company said.

Shares of the British pharmaceutical company are gaining 1.2% in London.

Shell said Wednesday it expects Q1 upstream production of 1.76 million to 1.86 million barrels of oil equivalent per day, compared with 1.89 million in Q4.

Integrated gas production for the quarter is expected at 880,000 to 920,000 barrels of oil equivalent per day, compared with 948,000 barrels in the prior quarter, according to the company.

Shares of Shell were falling 5% in London.

Stellantis is in advanced talks to co-develop an Opel-branded electric sport utility vehicle with its Chinese partner Leapmotor to cut costs and speed up EV development, Reuters reported Wednesday, citing sources familiar with the matter.

The SUV would be made at Stellantis' Zaragoza plant in Spain using Leapmotor's technology, while Opel would handle the exterior design, according to the report.

Shares of the automaker surged 6.1% in Paris.