European stock markets closed higher Tuesday after U.S. President Donald Trump's decision overnight to delay tariffs on Canada and Mexico raised hopes that Europe could also avoid duties.
The pan-European Stoxx 600 ended the day 0.22% higher. UBS shares fell 7% after the lender's fourth-quarter results and up to $3 billion share buyback plans failed to impress.
The move higher comes after European stocks slumped on Monday as investors reacted to Trump's decision to impose trade tariffs on Canada, Mexico and China, and threatened to introduce levies on goods from the European Union and U.K.
However, market sentiment got a boost overnight as Trump announced a 30-day pause on tariffs on Mexico and Canada. The pauses came after both countries agreed to take steps toward preventing the trafficking of opioid fentanyl into the U.S.
China, meanwhile, announced retaliatory tariffs early Tuesday morning, saying it would levy duties of up to 15% on select U.S. imports, including on crude oil, some vehicles and farm equipment, starting Feb. 10.
Source: CNBC
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