Official statements by the Iranian foreign minister and President Donald Trump regarding the opening of the Strait of Hormuz triggered a spectacular rally on European stock markets on Friday. The DE40 (DAX) is up more than 2.5%, trading above 24,880 points, while the EU50 index is up 2.4%, clearly breaking above the 6,000-point mark. Markets are rebounding from weeks of immense pressure that the closure of the strait had exerted on the European economy, particularly in terms of energy prices and the threat of inflation.
European stock prices just before the close of Friday's trading session. Source: xStation
As a region heavily dependent on energy imports, Europe was particularly vulnerable to the effects of a blockade of the Strait of Hormuz, through which approximately 20% of the world’s oil and liquefied natural gas supplies pass. Economists warned that persistently high energy prices threatened to trigger an inflationary spiral in the eurozone, while simultaneously undermining industrial competitiveness, domestic consumption, and corporate margins. The de-escalation of the conflict eliminates this scenario as an immediate risk, which the markets are immediately pricing in with gains across virtually all sectors, from technology to industry and financial services.
Among the biggest beneficiaries of today’s developments are European airlines, which have been under exceptional pressure in recent weeks. The price of Jet-A1 aviation fuel rose by more than 83% globally in March, and in Poland, the cost of refueling aircraft has nearly doubled. Lufthansa, Ryanair, IAG, and Finnair are seeing gains of 8 to 10% today, while Air France-KLM and Wizz Air are gaining as much as 14%, trying to recoup some of the losses from recent weeks. Just a few days ago, the head of the International Energy Agency warned that European airports have only about six weeks’ worth of jet fuel in stock, and Lufthansa was one of the first carriers to begin publicly reducing its flight network.
DE40 is seeing very rapid and sharp gains during the session. Technically, the contract is consolidating its current long-term uptrend, as measured by the 200-day EMA. Source: xStation
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