European aerospace and travel stocks surge after Iran ceasefire agreement

Shares in European aerospace companies surge after the U.S. and Iran agreed on a ceasefire in the conflict that has severely disrupted air travel in the Middle East

U.S. President Donald Trump agreed to a two-week ceasefire with Iran on Tuesday, signalling a pause in hostilities that have closed airspaces, grounded flights and caused a surge in jet fuel costs

German travel operator TUI TUI1n.DE rises close to 13% and Lufthansa LHAG.DE jumps 11.5%, both among top performers on the pan-European Stoxx 600 index .STOXX

Low-cost airlines easyJet EZJ.L and Ryanair RYA.I rise around 11% and 10%, respectively

Air France KLM AIRF.PA rises 14%, British Airways-owner IAG is up 8.4%

Shares in manufacturers Airbus AIR.PA and MTU Aero MTXGn.DE are up 6.7% and 8.2%, respectively

A German trader says aviation and tourism stocks are rallying on early signs of easing in the Iran war, with Lufthansa boosted by the prospect of reopened air routes and lower oil prices