European stocks posted their biggest gain in more than four years after the US and Iran agreed to a two-week ceasefire contingent on Tehran reopening the Strait of Hormuz. The Stoxx Europe 600 index surged 3.9%, its largest advance since March 2022, with travel and tourism stocks leading the rally — EasyJet and Tui each jumped more than 10%. Energy was the only sector in the red. Analysts cautioned the ceasefire is fragile and time-limited, and does not address broader US demands on Iran's nuclear program. The development comes as LVMH prepares to report first-quarter results on April 13.

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