LIVE MARKETS-European shares give back some gains on fragile ceasefire

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EUROPEAN SHARES GIVE BACK SOME GAINS ON FRAGILE CEASEFIRE

Major European equity markets are lower on Thursday, reversing some of the sharp rise from the day before as the ceasefire between the U.S. and Iran looked to be on shaky ground.

U.S. President Trump again warned of an escalation if Iran failed to comply with the agreement brokered late on Wednesday.

Shipping companies have also said they needed more clarity on terms of the ceasefire before resuming transit through the Strait of Hormuz, the waterway that pre-war saw 20% of the world's oil and liquefied natural gas pass through it.

For now, that's putting equities on the back foot, with the STOXX 600 .STOXX down about 0.6%. It rose almost 4% on Wednesday, its biggest daily jump since March 2022, and remains up about 2.5% this week.

Breadth is negative, with declining stocks outnumbering rising stocks by about 2 to 1.

The DAX .GDAXI, CAC .FCHI and FTSE .FTSE are down 0.3% to 1.1%.

Energy prices are rising again, with Brent LCOc1 and WTI CLc1 futures both up over 3.5%.

Energy stocks .SXEP, which have risen sharply since the start of the war but sold off on Wednesday, were rising 1%.

Stocks sensitive to higher energy prices, such as travel & leisure .SXTP, are lagging.

Here's your opening snapshot:

(Samuel Indyk)

EARLIER ON LIVE MARKETS:

EUROPE BEFORE THE BELL: FUTURES MIXED AFTER HUGE JUMP ON IRAN TRUCE CLICK HERE

THERE'S A GULF BETWEEN MARKET HOPES AND REALITY CLICK HERE