European Markets Cheer Middle East Peace Progress

(RTTNews) - European stock markets are trading on an emphatically positive note amidst growing optimism about a potential peace deal between the U.S. and Iran. The massive plunge in crude oil prices and the subsiding fears of fuel-led inflation also boosted market sentiment. U.S. stock futures rising to new records as well as strong corporate earnings lifted market sentiment considerably.

U.K.'s FTSE 100 is trading 2.6 percent above the previous closing level of 10,219.11. It is currently trading at 10,482.96 after ranging between 10,324.72 and 10,487.66. France's CAC 40 index has jumped 3.3 percent in the day's trading at its current level of 8,329.49. The day's trading ranged between 8,131.53 and 8,330.44. The index has gained 8.2 percent over the course of the year.

Germany's DAX is currently trading at 25,041.89, after jumping 2.7 percent from Tuesday's close of 24,392.27. The day's trading ranged between 24,616.25 and 25,150.39 and witnessed the index touching a 9-week high.

Switzerland's Stock Market Index has also surged 2.3 percent from the previous close of 13,052.17 and is currently trading at 13,348.40. The day's trading ranged between 13,174.20 and 13,377.70.

The pan-European Stoxx 50 has rallied 3 percent from previous close of 5,869.63 and is currently trading at 6,045.45. The day's trading ranged between 5,917.95 and 6,065.06.

Amidst renewed hopes of a peace deal between the U.S. and Iran, the safe -haven dollar has retreated. The EUR/USD pair is currently trading 0.65 percent higher at 1.1769 whereas the GBP/USD pair is trading 0.46 percent higher at 1.3621. The USD/CHF pair has slipped 0.49 percent to trade at 0.7788.

Major European markets had closed on a positive note on Tuesday amidst a de-escalation in tensions in the Middle East.