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[MARKET ANALYSIS] European bourses rally on hopes for US-Iran deal; US equity futures hold onto gains ahead of SPCX IPO

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Bank of England/Ipsos Inflation Attitudes Survey - May 2026:

BoE Agents' summary of business conditions: Client confidence has fallen since the ME crisis began, but the impact on current activity is modest so far,

[MARKET ANALYSIS] European bourses rally on hopes for US-Iran deal; US equity futures hold onto gains ahead of SPCX IPO

ECB's Rehn says the rate hike will help prevent inflation spillovers

[MARKET UPDATE] Energy hit and equities bid, though the move has somewhat pared, as Mehr News (semi-official Iranian outlet) reports on the US-Iran agreement; reminder, earlier reports suggested Iran was yet to come to a final conclusion

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  • European bourses (STOXX 600 +1.8%) start the last trading day of the week on a firmer footing and have completely reversed the losses seen at the start of the week. This comes on hopes of a US-Iran deal, with US President Trump stating that it could be signed as early as this weekend in Europe. Further upside was spurred after Mehr News reported that the MoU with the US includes reopening the Strait of Hormuz, lifting oil sanctions, and releasing frozen Iranian funds.
  • On the data front, UK GDP for April contracted 0.1%, ONS announced earlier. This comes following a strong Q1, in fact, the strongest growth amongst the G7. Arts and entertainment were one of the biggest negative contributors following the cancellation of sporting events in the Middle East. However, this has failed to hold back gains in the FTSE 100 (+1.2%)
  • Sectors are entirely in the green bar Energy (-2.0%). Travel & Leisure (+4.5%) is the clear outperformer, followed by Banks (+3.7%) and Consumer Products & Services (+3.5%). Cyclicals have been affected the most since the start of the Iran war, so hopes of an end would benefit these sectors the most.
  • Not many single-stock stories today, with the majority of gains linked to the prospects of a US-Iran deal. Infineon (+1.3%) set to open its EUR 5bln semiconductor factory on July 2nd; Flutter (-0.3%), to delist from the LSE in August; Rolls Royce (+5.0%), upgraded to buy at Berenberg, stating that the Co. has an attractive foundation to develop its aviation engines portfolio in the medium term.
  • US equity futures hold onto Thursday's gains. SpaceX is to begin trading today on the Nasdaq, after raising USD 75bln in the biggest IPO, passing Saudi Aramco's USD 25.6bln IPO back in 2019.

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