European Shares Edge Higher On US-Iran Truce Hopes

(RTTNews) - European stocks advanced on Friday and were on course for a weekly gain as a sell-off in government debt eased and oil prices retreated from recent highs following reports that Iran has submitted a proposal to the United States to end their war and reopen the Strait of Hormuz within seven days.

The proposal was delivered to U.S. officials when the sides met through mediators this week, the Washington Post quoted Iranian Foreign Minister Abbas Araghchi as saying on the sidelines of the UN General Assembly session in New York.

Investors also assessed the Trump-Xi summit's implications for bilateral relations.

Despite differences over Iran, Taiwan and trade, Trump described the meeting as "great" and hailed the "truly great friendship" he has forged with his counterpart. China's Ministry of Foreign Affairs described Xi's visit to the U.S. as a "great visit."

In economic releases, German consumer confidence is set to fall in October as rising energy prices dragged down income expectations, monthly survey results of the NIM Consumer Climate powered by GfK showed earlier today.

The forward-looking consumer sentiment index fell more-than-expected to -30.6 in October from -26.8 in September. The score was seen at -27.1.

The pan-European STOXX 600 jumped 0.8 percent to 641.71 after falling 0.6 percent on Thursday.

The German DAX climbed 1 percent, France's CAC 40 added 0.4 percent and the U.K.'s FTSE 100 was up 0.6 percent.

In corporate news, Skanska shares rose about 2 percent. The Swedish construction company said it has divested the second phase of its office development project H2Offices in Budapest, Hungary.

Ferrexpo, an iron ore company with assets in Ukraine, rose 1.3 percent despite announcing a loss for first half of $14.88 million.

Water firm United Utilities gained 1.2 percent after maintaining its 2026/27 financial guidance and regulatory return targets.

Hunter Group, a Norwegian provider of oil tanker chartering services, rallied 2.4 percent after promoting its interim Chief Executive Officer, Erik Mathiesen as permanent CEO.

HelloFresh slumped 11.5 percent. The German meal-kit company trimmed its outlook for the financial year 2026 after a sharper-than-planned cut in marketing spending undermined customer acquisition.