European stocks hit one-week highs on Mideast ceasefire
The pan-European STOXX 600 index rose 1.11%, hitting a one-week high during the session and notching its biggest single-day jump in over a month.
While most sectors basked in the rally, energy stocks lagged as oil prices tumbled 5%. The sharp drop came after Iran's token response signalled no imminent threat to the critical Strait of Hormuz shipping route.
Airlines and travel stocks soared, with the sector vaulting 4.3% - its biggest daily rise in more than 18 months - as hopes rose that the ceasefire would stick.
The optimism followed US President Donald Trump's late-Monday announcement that Israel and Iran had agreed to halt hostilities, a deal he confirmed was 'in effect', pressing both sides to honour the truce.
Iran's President Masoud Pezeshkian echoed that sentiment, vowing Tehran would stick to the deal unless provoked by Israel.
'There is political will and a desire for peace from all parties... If they can follow through, I think we will see a permanent ceasefire and we have to believe it can happen,' said Nick Saunders, CEO of stock trading platform Webull UK.
Germany's DAX surged 1.6%, riding a dual wave of ceasefire relief and fresh economic stimulus after lawmakers approved record-setting investment plans for 2025 and 2026 to jump-start growth in Europe's economic powerhouse.
Other bourses also gained, with French and Spanish markets up more than 1% each, while Britain's was flat.
As the quarter winds down, the STOXX 600 is on track for a second straight quarterly gain, though the index is still set to close the month more than 1% lower.
With Middle East tensions easing, investor focus is shifting to the looming July 8 US tariff-pause deadline, as the EU hustles to clinch trade deals with Washington. Progress has been slow, save for an agreement with London.
'As Middle East tensions de-escalate, the focus will return to more fundamental concerns for investors such as tariffs,' said Chris Brigati, chief investment officer at SWBC.
Among other stocks, Carnival Corp jumped 11.8% after the cruise operator raised its annual profit forecast.
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Business Recorder
3 hours ago
- Business Recorder
Trump says Thailand and Cambodia agree to hold immediate ceasefire talks
SISAKET: U.S. President Donald Trump said on Saturday that the leaders of Cambodia and Thailand had agreed to meet immediately to quickly work out a ceasefire, as he sought to broker peace after three days of fighting along their border. In a series of social media posts during a visit to Scotland, Trump said he had spoken to Cambodian Prime Minister Hun Manet and Thailand's acting prime minister, Phumtham Wechayachai, and warned them that he would not make trade deals with either of the Southeast Asian governments if the border conflict continued. 'Both Parties are looking for an immediate Ceasefire and Peace,' Trump wrote as he gave a blow-by-blow account of his diplomatic efforts. Before Trump spoke to the two leaders, clashes on the Thai-Cambodian border persisted into a third day and new flashpoints emerged on Saturday as both sides said they had acted in self-defense in the border dispute and called on the other to cease fighting and start negotiations. More than 30 people have been killed and more than 130,000 people displaced in the worst fighting between the Southeast Asian neighbours in 13 years. There were clashes early on Saturday, both sides said, in the neighbouring Thai coastal province of Trat and Cambodia's Pursat Province, a new front more than 100 km (60 miles) from other conflict points along the long-contested border. China says it is 'deeply concerned' over Thailand-Cambodia clash The two countries have faced off since the killing of a Cambodian soldier late in May during a brief skirmish. Troops on both sides of the border were reinforced amid a full-blown diplomatic crisis that brought Thailand's fragile coalition government to the brink of collapse. As of Saturday, Thailand said seven soldiers and 13 civilians had been killed in the clashes, while in Cambodia five soldiers and eight civilians had been killed, said Defense Ministry spokesperson Maly Socheata. Following calls for restraint on both sides from Trump's senior aides, he became directly involved on Saturday, speaking to each leader and saying he relayed messages back and forth. 'They have agreed to immediately meet and quickly work out a Ceasefire and, ultimately, PEACE!,' Trump wrote, saying both countries wanted to get back to the 'Trading Table.' He has sought to reach separate deals with dozens of countries in response to his announcement of wide-ranging tariffs on imports to the U.S. 'When all is done, and Peace is at hand, I look forward to concluding our Trading Agreements with both!' Trump said. He offered no details on the ceasefire negotiations he said Thailand and Cambodia had agreed to hold. The Thai and Cambodian embassies in Washington did not immediately respond to requests for comment. In the Thai border province of Sisaket, a university compound has been converted into temporary accommodation, where a volunteer said more than 5,000 people were staying. Samrong Khamduang said she left her farm, about 10 km from the border, when fighting broke out on Thursday. The 51-year-old's husband stayed behind to look after livestock. 'We got so scared with the sound of artillery,' she said. 'But my husband stayed back and now we lost the connection. I couldn't call him. I don't know what is happening back there.' In Kuala Lumpur, Malaysian Prime Minister Anwar Ibrahim, the chair of the ASEAN regional bloc, said he would continue to push a ceasefire proposal. Cambodia has backed Anwar's plan, while Thailand has said it agreed with it in principle. Thailand F-16 jet bombs Cambodian targets as border clash escalates 'There is still some exchange of fire,' Anwar said, according to state news agency Bernama. He said he had asked his foreign minister 'to liaise with the respective foreign ministries and, if possible, I will continue engaging with them myself – at least to halt the fighting'. Security council meeting Thailand's ambassador to the United Nations told a Security Council meeting on Friday that soldiers had been injured by newly planted land mines in Thai territory on two occasions since mid-July - claims Cambodia has strongly denied - and said Cambodia had then launched attacks on Thursday morning. 'Thailand urges Cambodia to immediately cease all hostilities and acts of aggression, and resume dialogue in good faith,' Cherdchai Chaivaivid told the council in remarks released to media. Cambodia's defense ministry said Thailand had launched 'a deliberate, unprovoked, and unlawful military attack' and was mobilizing troops and military equipment on the border. 'These deliberate military preparations reveal Thailand's intent to expand its aggression and further violate Cambodia's sovereignty,' the ministry said in a statement on Saturday. Cambodia called for the international community to 'condemn Thailand's aggression in the strongest terms' and to prevent an expansion of its military activities, while Bangkok reiterated it wanted to resolve the dispute bilaterally. Thailand and Cambodia have bickered for decades over jurisdiction of various undemarcated points along their 817-km (508-mile) land border, with ownership of the ancient Hindu temples Ta Moan Thom and the 11th century Preah Vihear central to the disputes. Preah Vihear was awarded to Cambodia by the International Court of Justice in 1962, but tension escalated in 2008 after Cambodia attempted to list it as a UNESCO World Heritage site. That led to skirmishes over several years and at least a dozen deaths. Cambodia in June said it had asked the court to resolve its disputes with Thailand, which says it has never recognized the court's jurisdiction and prefers a bilateral approach.
Express Tribune
3 hours ago
- Express Tribune
Trump seeks to broker ceasefire in Thai-Cambodia border conflict
US President Donald Trump said on Saturday he had spoken to the leaders of Cambodia and Thailand and that both countries want an immediate ceasefire, as he sought to broker peace while fighting along their border extended into a third day. In social media posts during a visit to Scotland, Trump said he wanted an "END to the War, which is currently raging" and warned that he would not make trade deals with either of the Southeast Asian governments if they are still fighting. Clashes on the Thai-Cambodian border continued into a third day and new flashpoints emerged on Saturday as both sides said they had acted in self-defense in the border dispute and called on the other to cease fighting and start negotiations. Also Read: Israel kills 25 Palestinians, including 13 aid-seekers, since dawn More than 30 people have been killed and more than 130,000 people displaced in the worst fighting between the Southeast Asian neighbours in 13 years. There were clashes early on Saturday, both sides said, in the neighbouring Thai coastal province of Trat and Cambodia's Pursat Province, a new front more than 100 km (60 miles) from other conflict points along the long-contested border. The two countries have faced off since the killing of a Cambodian soldier late in May during a brief skirmish. Troops on both sides of the border were reinforced amid a full-blown diplomatic crisis that brought Thailand's fragile coalition government to the brink of collapse. Thailand and Cambodia exchanged heavy artillery fire for a second day as their worst fighting in over a decade intensified and spread to new areas, despite international calls for a ceasefire — Reuters (@Reuters) July 25, 2025 As of Saturday, Thailand said seven soldiers and 13 civilians had been killed in the clashes, while in Cambodia five soldiers and eight civilians had been killed, said Defense Ministry spokesperson Maly Socheata. Trump wrote in his initial post: "Just spoke to the Prime Minister of Cambodia relative to stopping the War with Thailand. I am trying to simplify a complex situation!" Minutes later, he posted: "I have just spoken to the Acting Prime Minister of Thailand, and it was a very good conversation. Thailand, like Cambodia, wants to have an immediate Ceasefire, and PEACE. I am now going to relay that message back to the Prime Minister of Cambodia. Read: At least 18 killed in Peru mountain bus crash "After speaking to both Parties, Ceasefire, Peace, and Prosperity seems to be a natural," Trump added. The Thai and Cambodian embassies in Washington did not immediately respond to requests for comment. In the Thai border province of Sisaket, a university compound has been converted into temporary accommodation, where a volunteer said more than 5,000 people were staying. Samrong Khamduang said she left her farm, about 10 km from the border, when fighting broke out on Thursday. The 51-year-old's husband stayed behind to look after livestock. A Cambodian military personnel stands on a BM-21 Grad multiple rocket launcher, around 40 km (24 miles) from the disputed Ta Moan Thom temple. Photo: Reuters "We got so scared with the sound of artillery," she said. "But my husband stayed back and now we lost the connection. I couldn't call him. I don't know what is happening back there." In Kuala Lumpur, Malaysian Prime Minister Anwar Ibrahim, the chair of the ASEAN regional bloc, said he would continue to push a ceasefire proposal. Cambodia has backed Anwar's plan, while Thailand has said it agreed with it in principle. "There is still some exchange of fire," Anwar said, according to state news agency Bernama. He said he had asked his foreign minister "to liaise with the respective foreign ministries and, if possible, I will continue engaging with them myself – at least to halt the fighting". Security council meeting Thailand's ambassador to the United Nations told a Security Council meeting on Friday that soldiers had been injured by newly planted land mines in Thai territory on two occasions since mid-July - claims Cambodia has strongly denied - and said Cambodia had then launched attacks on Thursday morning. "Thailand urges Cambodia to immediately cease all hostilities and acts of aggression, and resume dialogue in good faith," Cherdchai Chaivaivid told the council in remarks released to media. Cambodia's defense ministry said Thailand had launched "a deliberate, unprovoked, and unlawful military attack" and was mobilizing troops and military equipment on the border. Also Read: Courthouse attack in Iran's southeast kills nine "These deliberate military preparations reveal Thailand's intent to expand its aggression and further violate Cambodia's sovereignty," the ministry said in a statement on Saturday. Cambodia called for the international community to "condemn Thailand's aggression in the strongest terms" and to prevent an expansion of its military activities, while Bangkok reiterated it wanted to resolve the dispute bilaterally. Thailand and Cambodia have bickered for decades over jurisdiction of various undemarcated points along their 817-km (508-mile) land border, with ownership of the ancient Hindu temples Ta Moan Thom and the 11th century Preah Vihear central to the disputes. People rest inside a temporary shelter in Srisaket province, after Thailand and Cambodia exchanged heavy artillery fire. Photo: Reuters Preah Vihear was awarded to Cambodia by the International Court of Justice in 1962, but tension escalated in 2008 after Cambodia attempted to list it as a UNESCO World Heritage site. That led to skirmishes over several years and at least a dozen deaths. Cambodia in June said it had asked the court to resolve its disputes with Thailand, which says it has never recognized the court's jurisdiction and prefers a bilateral approach.
Express Tribune
10 hours ago
- Express Tribune
Australia, UK sign 50-year AUKUS deal on nuclear-powered submarines
Australia's government said on Saturday it signed a treaty with Britain to bolster cooperation over the next 50 years on the AUKUS nuclear submarine partnership. The AUKUS pact, agreed upon by Australia, Britain and the US in 2021, aims to provide Australia with nuclear-powered attack submarines from the next decade to counter China's ambitions in the Indo-Pacific. US President Donald Trump's administration announced a formal review of the pact this year. Defence Minister Richard Marles said in a statement that the bilateral treaty was signed with Britain's Defence Secretary John Healey on Saturday after a meeting in the city of Geelong, in Victoria state. "The Geelong Treaty will enable comprehensive cooperation on the design, build, operation, sustainment, and disposal of our SSN-AUKUS submarines," the statement said. The treaty was a "commitment for the next 50 years of UK-Australian bilateral defence cooperation under AUKUS Pillar I", it said, adding that it built on the "strong foundation" of trilateral AUKUS cooperation. Britain's ministry of defence said this week that the bilateral treaty would underpin the two allies' submarine programmes and was expected to be worth up to 20 billion pounds ($27.1 billion) for Britain in exports over the next 25 years. AUKUS is Australia's biggest-ever defence project, with Canberra committing to spend A$368 billion over three decades to the programme, which includes billions of dollars of investment in the US production base. Australia, which this month paid A$800 million to the US in the second instalment under AUKUS, has maintained it is confident the pact will proceed. The defence and foreign ministers of Australia and Britain held talks on Friday in Sydney on boosting cooperation, coinciding with Australia's largest war games. As many as 40,000 troops from 19 countries are taking part in the Talisman Sabre exercises held from July 13 to August 4, which Australia's military has said are a rehearsal for joint warfare to maintain Indo-Pacific stability. Britain has significantly increased its participation in the exercise co-hosted by Australia and the United States, with aircraft carrier HMS Prince of Wales taking part this year.
