Stockholm's stock exchange rose 3.9 percent on Wednesday following an overnight ceasefire agreement between Iran and the US. The rally was broad among heavyweights, with Volvo AB up 7.7 percent. Concerns about the deal's fragility did little to dampen investor sentiment.
Stockholm's stock exchange closed Wednesday up 3.9 percent following an overnight announcement of a two-week ceasefire between the US and Iran. The agreement includes the reopening of the Strait of Hormuz, restoring oil flows from the Persian Gulf.
Several heavyweights led the surge. Truck maker Volvo AB rose 7.7 percent, while Boliden, Atlas Copco, ABB, and Sandvik all gained between 5 and 7 percent, as reported by Sydsvenskan and Expressen.
Asian markets followed suit, with Tokyo up over 5 percent and US futures pointing to about 3 percent gains. Mid-afternoon concerns arose over Israeli strikes on Lebanon causing numerous deaths. Iranian media reported Tehran might withdraw if the ceasefire does not extend to Lebanon, though this had no impact on Stockholm investors.
