European stocks set to open higher amid hopes for an Iran-Israel ceasefire

Here are the opening calls

Good morning from London on Tuesday, and welcome to CNBC's live blog covering European financial markets and the latest regional and global business news, data and earnings.

Futures data from IG suggests a positive start for European markets, with London's FTSE looking set to open 0.3% higher at 8,792, Germany's DAX up 1.1% 23,541, France's CAC 40 1% higher at 7,618 and Italy's FTSE MIB also up 1% at 39,321.

Global market sentiment rose after President Donald Trump said that there is a ceasefire timeline for Israel and Iran, prompting U.S. stock futures and Asia-Pacific markets to rise on Monday night.

“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE ... for 12 hours, at which point the War will be considered, ENDED!” Trump wrote on Truth Social.

Neither Iran nor Israel has publicly confirmed acceptance of a ceasefire timeline, however.

What to watch for today

NATO's annual summit begins on Tuesday, with a defense spending hike the focus of the two-day gathering in The Hague, in the Netherlands.

Allies have agreed in principle to sharply increase their defense spending to 5% of gross domestic product by 2035. Whether those pledges materialize will be the big question, with some member states already pushing back against the figure.

There are no major earnings or data releases Tuesday.