European stocks edged higher on Wednesday as investors looked to a ceasefire between Israel and Iran as a sign of easing tensions.
The pan-European STOXX 600 index (.STOXX), was up 0.2% at 542.12 points, as of 0704 GMT. Other major regional indexes were also trading higher, except for Spain's (.IBEX), which fell 0.3%.
A truce brokered by U.S. President Donald Trump between Iran and Israel appeared to be holding on Wednesday, a day after both countries signaled that their air war was over, at least for now.
Trump's Middle East envoy said late Tuesday that talks between the U.S. and Iran were "promising" and that Washington hoped for a long-term peace deal.
Oil prices edged up on Wednesday, finding some relief after falling in the previous two sessions. European auto stocks (.SXAP), opens new tab led sector gains with a 1.2% gain, while defense stocks (.SXPARO), opens new tab gained 0.9%. Media stocks (.SXMP), opens new tab fell 0.6%.
Stellantis (STLAM.MI), opens new tab rose 3.4% after brokerage Jefferies upgraded the automaker to "buy" from "hold".
In focus is a NATO summit later in the day, where defense spending will be a key focus. Investors will also await testimony from U.S. Federal Reserve Chairman Jerome Powell before the Senate on Wednesday. (alg)
Source: Reuters
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