[MARKET ANALYSIS] Stocks rise as Iran offers hope of the reopening of the Strait of Hormuz; Airbus falls after finding quality issues

European bourses (STOXX 600 +0.5%) are entirely in the green. The IBEX 35 (+1%) outperforms this morning, joined closely by the DAX 40 (+0.9%). The bullish bias seen this morning is facilitated by increased hopes of the reopening of the Strait of Hormuz. This comes after the Iranian President said that Iran presented a proposal to the US through mediators this week to reopen the Strait of Hormuz and restart negotiations towards a final deal. Whilst nothing is concrete at this stage, the path to diplomacy appears to be opening. European sectors hold a strong positive bias, with cyclical industries holding towards the top of the pile. Basic Resources tops the sectoral list, joined closely by Banks and Travel & Leisure. The latter benefits from lower oil prices and the general risk tone. Unsurprisingly, Energy resides at the foot of the pile. Food Beverage and Tobacco is the other sector in the red.  Key movers: BP (-2%, considering a USD 2-5bln US shale deal), UBS (+3%, reportedly considering a merger with a foreign company as it looks to move out of Switzerland), HelloFresh (-10%, issued a profit warning), Airbus (-1.8%, identified a corrosion protection defect affecting more than 500 A321neos), Leonardo (U/C, reportedly involved in the Airbus defect). US equity futures are entirely in the green this morning, following the positive mood seen across Europe. The tech-heavy NQ (+0.5%) outperforms the ES and RTY (+0.3%), with yields also easing off near-term highs. In the pre-market: Akamai (+21%, secures a USD 11.6bln deal with Anthropic), Costco (-0.3%, Q4 beat estimates but membership slowdown weighs).