[MARKET ANALYSIS] Bourses firm as oil and yields moderate; Tech benefits after China's CXMT surges 500% on Shanghai debut

European Bourses began the week firmer (STOXX 600 +0.8%) after oil prices and yields fell after the US halted strikes on Iran. DAX outperforms as top constituent SAP continues to gain post-earnings. Spain's IBEX also performed well as its Retail/Travel components outperform. Underperforming are the FTSE 100 and OMX Copenhagen as Shipping/Oil majors are hit.  A brief recap of the weekend's geopolitical events: the US paused strikes against Iran for a second consecutive night while Iran refrained from retaliation and held talks with Oman on the Strait of Hormuz; President Trump said all options remain available, while Oman-Iran discussions on maritime navigation reportedly made some progress. Focus remains on the potential resumption of negotiations directly between the US and Iran or any resumption of strikes. Sectors are entirely in the green, with the exception of energy and utilities. Components are broadly moving with the geopolitical de-escalation. Retail and Travel & Leisure outperform, with Tech not far behind following memory-maker CXMT's 500% surge on its Shanghai debut. US equity futures are firmer in reaction to the cooling of tensions in the Middle East. (ES +0.8% NQ +1.5% RTY +1.3%). Several earnings are due this week, including Microsoft, Meta, Qualcomm, Amazon and Apple, set to test the resiliency of the AI trade.