Stoxx Europe 600 up 1.5% as oil drops nearly 30%
European stocks are having a good month, with the Stoxx Europe 600 Index up 1.5%.
What's behind the boost? Easing geopolitical tensions, thanks to an interim U.S.-Iran deal to reopen the Strait of Hormuz, and oil prices dropping nearly 30% in just one month.
That's helped calm worries about energy supplies and given Europe's economy some extra breathing room, especially compared to the S&P 500, which has slipped by 1%.
European banks industrials and media lead
The big winners in Europe right now are banks, industrials, and media companies, while utilities aren't seeing much action.
Market strategists at Goldman Sachs Group Inc. and Barclays Plc are feeling optimistic too, and European shares are trading at a big discount (a 25% lower price-to-earnings ratio) compared to their US counterparts.