FX.co ★ European Stocks Extend Record

European stock indices closed higher on Tuesday, extending their record-setting run amid optimism about an imminent agreement between the US and Iran. The Euro STOXX 50 rose 0.4% to 6,255, while the STOXX Europe 600 gained 0.2% to reach 636. Energy prices fell further after Iran and the US confirmed plans to sign a memorandum of understanding on Friday, which US officials said would restore tanker traffic through the Strait of Hormuz. Banking stocks advanced on the back of lower bond yields and improved credit conditions, with BBVA and Intesa Sanpaolo each climbing more than 2%. UniCredit jumped 4% after the German government rejected its takeover bid for Commerzbank. Industrial shares also posted strong gains, with Safran and Schneider Electric both rising 2.5%.