STOXX 600 hits record high after US-Iran preliminary peace deal

European STOXX 600 index surged 1.2% to a record high after US and Iranian officials announced a framework peace deal, scheduled for signing on Friday. Brent crude prices fell 4% on the development, dragging European energy stocks down 2.7% while boosting airlines (Lufthansa, Air France up 5%+) and autos (+3.5%). The drop in crude is broadly positive for India, a major oil importer, reducing import bill and inflation risks.