European stocks closed higher on Tuesday, marginally extending the rally from the previous session on further support from the seemingly restored trade relationship between the United States and China.
The Eurozone's STOXX 50 closed 0.4% higher at 5,411 and the pan-European STOXX 600 closed marginally above the flatline at 545. European equities had rallied the previous session after the US and China de-escalated their trade war for the next 90 days to renegotiate trade terms, supporting the macroeconomic backdrop for all industries.
The auto sector led the gains with Volkswagen, BMW, and Stellantis adding between 4.5% and 3%. Industrials were also firmly higher, with Siemens, Airbus, and Schneider rising by 1.5%. On the other hand Munich Re plunged by 4.5% after releasing corporate results for the first quarter, which were especially hit by damage from the Los Angeles wildfires.
Source : Trading Economics
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