[MARKET ANALYSIS] Global equities gain, with STOXX 600 hitting new ATHs, as Energy benchmarks soften

European bourses (STOXX 600 +0.7%) are rallying after the US and Iran announced a 60-day peace framework, with the STOXX 600 now reaching a new ATH. Details are yet to be confirmed, but it suggests Iran will reopen the Strait of Hormuz while the US will lift the naval blockade, waive sanctions on Iranian oil and partially release Iran's frozen assets. If there is no breakdown of the deal, the MoU is to be officially signed on Friday in Geneva.
Sectors are broadly higher. Cyclicals that have suffered from the closure of Hormuz are the clear outperformers (Autos +3.2%, Construction +2.7%, Travel & Leisure +2.5%). Energy (-3.0%) is the clear underperformer, while Utilities (-0.8%) and Telecoms (-0.7%) also show modest losses.
Key movers include: Kesko (-9.4%), buys Saint-Gobain's Dahl business for EUR 1.5bln; Bunzl (+1.3%), as Elliott Investment reportedly taken a c. 5% stake; Vistry (-5.2%), reportedly offers voluntary redundancies to its workers to preserve cash; Ferrari (+4.3%), upgraded to overweight at Morgan Stanley.
US equity futures are bid, with the tech-heavy NQ outperforming amid the paring of Fed tightening expectations as the Strait of Hormuz is expected to reopen.