LIVE MARKETS-Europe before the bell: get ready to jump

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EUROPE BEFORE THE BELL: GET READY TO JUMP

European markets are set to open sharply higher as the oil price tumbles, after U.S. President Donald Trump said on Tuesday a ceasefire between Israel and Iran was now in place.

Euro Stoxx 50 futures are up 1.9%, STXEc1 though London's oil-heavy FTSE 100 .FTSE futures are up just 0.56%. Brace for big moves in oil stocks as well as airlines - in the other direction.

It's been a dramatic time for markets overnight while European bourses have been closed.

Oil prices had already slid 7% on Monday when Iran made a token retaliation against a U.S. base, which came to nothing and signalled it was done for now, and that, along with some dovish remarks from Fed policymakers, sent U.S. shares soaring. Asia followed on Tuesday.

Traders will also be watching shares of heavyweight Novo Nordisk NOVOb.CO which ended a short-lived agreement to sell its Wegovy weight-loss drug through Hims & Hers Health HIMS.N on Monday, sending shares of the U.S. telehealth company plunging more than 30%.

Otherwise it'll all be about who's exposed to oil.

(Alun John)

EARLIER ON LIVE MARKETS:

TRUMP TOUTS 'FOREVER' CEASEFIRE, OIL SLIDES CLICK HERE