This is CNBC’s live blog covering European markets.
Travel and building materials stocks lead gains
Travel stocks and building materials firms led gains on the Stoxx Europe 600 index during afternoon trade.
Carnival Plc shares jumped 12% after the company beat adjusted earnings per share expectations for the second quarter with $0.35 per share.
Shares of TUI Group were also up by more than 10% after the company announced a deal to acquire a 20% stake in Swiss tour operator Bentour Reisen. TUI also sold a 20% stake in its subsidiary, Nazar Nordic, to Bentour Reisen.
Building materials and construction stocks, Amrize, Buzzi and Holcim were all trading up between 6% and 11%, indicating a risk-on mood among investors as the Israel-Iran ceasefire appears to be holding.
— Ganesh Rao
Spain approves BBVA’s hostile takeover of Sabadell with conditions
The government of Spain has approved BBVA‘s hostile takeover of peer Sabadell, the fourth-largest bank in Spain, with conditions.
Spain’s second-largest bank can proceed with the takeover of its rival, provided they operate as separate entities for at least three years. The government said it will also be able to extend the duration by two additional years, if it deems necessary.
“The government has authorized the BBVA and Sabadell deal on the condition that, for the next three years, they remain separate legal entities and maintain separate assets, as well as autonomy in the management of their activities,” Economy Minister Carlos Cuerpo told a news conference, according to Reuters.
The conditions are in addition to those imposed by competition watchdog CNMC earlier this year, including payment services where BBVA said it would commit to divesting some of its stake.
The approval from the government would be the final hurdle before shareholders of the banks are able to approve the deal, currently valued at around 14 billion euros ($16.25 billion).
— Ganesh Rao
Major European currencies strengthen
The euro, British pound and Swiss franc have been on the rise against the U.S. dollar throughout the session, and were last seen trading 0.2%, 0.6% and 0.3% higher against the greenback, respectively.
Sterling also made gains against the euro, jumping by around 0.4%.
The British currency has surged by 8.7% against the dollar so far this year, but the rally cooled somewhat in June, with the cable up by around 1% since the month began.
— Chloe Taylor
Amazon to invest £40 billion in UK
Nathan Stirk | Getty ImagesAn Amazon warehouse in Warrington, England.Amazon said Tuesday that it plans to invest £40 billion ($54.4 billion) in the U.K. over the next three years.
The e-commerce giant announced several commitments as part of the multibillion-pound investment, including the development of four new fulfillment centers and upgrades to existing operations across the country.
The announcement was cheered by the British government, which has been courting investments from major tech players. Prime Minister Keir Starmer said the investment would create thousands of new jobs and was a sign the government’s growth plan was working.
— Ryan Browne
Tariffs won’t dampen Europe’s demand recovery: S&P Global Ratings
Michael Nguyen | Nurphoto | Getty ImagesCustomers shop for fresh fruits and vegetables in a supermarket in Munich, Germany, on March 8, 2025.In its third-quarter Eurozone Economic Outlook report, published Tuesday, S&P Global Ratings forecast that euro zone economic growth would rebound from 0.8% this year to 1.4% by 2027 — despite more severe tariff effects than previously anticipated.
Strong private balance sheets, regional fiscal policy and cooling interest rates would support the uptick in gross domestic product, S&P said.
“We do not expect tariff-related volatility to hamper the ongoing recovery in domestic demand,” Sylvain Broyer, S&P’s chief EMEA economist said. “Public spending on infrastructure and defence should boost growth from 2026.”
European defense spending was forecast in the report to hit 800 billion euros ($928 billion) by 2029.
— Chloe Taylor
Europe travel stocks jump 4%
The Stoxx Europe Travel and Leisure index jumped 4% in early trade after U.S. President Donald Trump announced Iran and Israel had committed to a ceasefire.
London-listed airlines and leisure stocks also topped the Stoxx 600 in the morning. EasyJet rose 6.5%, InterContinental Hotels was up 3.3% and Carnival jumped 5.9%.
Multiple airlines announced on Monday they were diverting flights in the Middle East as the region’s military conflict continued to disrupt flights. This morning, the office of Israeli Prime Minister Benjamin Netanyahu and Iranian state media outlet Press TV confirmed a ceasefire had begun.
— April Roach
European defense stocks fall
Bloomberg | Bloomberg | Getty ImagesA Leopard 2 tank gear transmission in a production hall at the Renk AG plant in Augsburg, Germany, on Monday, May 8, 2023.As investors weigh the latest developments out of the Middle East — where Israel and Iran now have a ceasefire in place, according to U.S. President Donald Trump — German defense stocks are selling off.
Shares of Hensoldt were last seen down 4.1%, while Rheinmetall, down 3.9%, and Renk, down 3.5%, were also among those in the defense sector seeing big downward moves.
Read the latest on the Israel-Iran conflict here.
— Chloe Taylor
Volvo shares pop 2.3%
Jon Kopaloff | Getty ImagesA Volvo EX90 on display at The Midway SF on Dec. 3, 2024 in San Francisco, California.Shares of Swedish carmaker Volvo were up 2.3% in early trade, paring earlier gains.
That came after the firm announced on Tuesday morning that its Volvo Construction Equipment arm would sell its ownership in China-based SDLG, and would acquire construction machinery supplier Swecon.
— Chloe Taylor
European stocks open higher
We’re 20 minutes into Tuesday’s trading session, and the regional Stoxx 600 is up by around 1.2%.
Travel and leisure stocks are leading the gains, with airlines jumping after the announcement of an Israel-Iran ceasefire. The Stoxx Travel and Leisure index was last seen trading 4.2% higher, putting it on track for its biggest one-day jump since April 10.
All major bourses are in positive territory, with Germany’s DAX index jumping 1.8%.
— Chloe Taylor
How regional stocks performed yesterday
Manuel Romano | Nurphoto | Getty ImagesThe London Stock Exchange Group building.The pan-European Stoxx 600 began the week on a negative note, ending Monday’s trading session around 0.3% lower.
Looking at individual stocks, Monday’s worst performers included Poste Italiane, which closed 6.3% lower, Danish jewelry maker Pandora, which shed 5.3%, and pharma giant Novo Nordisk, which also lost 5.3% during the session.
On Monday, it was announced that Novo had ended its deal with U.S. telehealth firm Hims & Hers over concerns about sales of Wegovy copycat drugs.
At the other end of the index, London-listed shares of Spectris jumped 15.7% on Monday after it was reported private equity firm Advent had agreed to take over the company for £4.4 billion ($6 billion). The company, which makes testing equipment, rejected a bid from private equity giant KKR earlier this month. KKR said Monday that it “strongly encourages [Spectris] shareholders to take no action with regards to the Advent offer.”
— Chloe Taylor
Here are the opening calls
Getty ImagesSunrise in London.Good morning from London on Tuesday, and welcome to CNBC’s live blog covering European financial markets and the latest regional and global business news, data and earnings.
Futures data from IG suggests a positive start for European markets, with London’s FTSE looking set to open 0.3% higher at 8,792, Germany’s DAX up 1.1% 23,541, France’s CAC 40 1% higher at 7,618 and Italy’s FTSE MIB also up 1% at 39,321.
Global market sentiment rose after President Donald Trump said that there is a ceasefire timeline for Israel and Iran, prompting U.S. stock futures and Asia-Pacific markets to rise on Monday night.
“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE … for 12 hours, at which point the War will be considered, ENDED!” Trump wrote on Truth Social.
Neither Iran nor Israel has publicly confirmed acceptance of a ceasefire timeline, however.
Follow CNBC’s live blog on all the latest developments in the Israel-Iran conflict here.
— Holly Ellyatt
What to watch for today
Yves Herman | ReutersNATO Secretary General Mark Rutte holds a press conference ahead of a NATO summit, in The Hague, Netherlands June 23, 2025.NATO’s annual summit begins on Tuesday, with a defense spending hike the focus of the two-day gathering in The Hague, in the Netherlands.
Allies have agreed in principle to sharply increase their defense spending to 5% of gross domestic product by 2035. Whether those pledges materialize will be the big question, with some member states already pushing back against the figure.
There are no major earnings or data releases Tuesday.
— Holly Ellyatt
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