The FTSE MIB surged 3.7% to close at 47,092 on Wednesday after US President Trump accepted a ceasefire with Iran less than two hours before his ultimatum deadline for Tehran to reopen the Strait of Hormuz. Oil prices fell amid expectations of restored oil and gas flows through the Strait. The development eased concerns that an energy shock would magnify inflation and force the ECB and other central banks to maintain restrictive rates, supporting the stock outlook. Lower bond yields reduced credit concerns and supported financial stocks. The BTP-Bund spread narrowed sharply. UniCredit jumped 7.9%, Intesa Sanpaolo gained 5.1%, and MPS spiked 7%. Elsewhere, Prysmian rose 9.8%, STMicroelectronics gained 6.3%, and Stellantis advanced 6.2%. Luxury stocks also rallied: Ferrari  was up 5.5%, Moncler up 6.6%, and Brunello Cucinelli up 8.2%. In contrast, Eni slumped 5.6% on lower oil prices.