European Markets Respond Positively to Powell's Testimony

Major European stock markets experienced a notable uptick this Tuesday, buoyed by the reassuring statements from United States Federal Reserve Chairman Jerome Powell. During his testimony before the Committee on Banking, Housing, and Urban Affairs, Powell emphasized that the Federal Reserve is in no hurry to adjust its monetary policy, instilling confidence among investors that the US economy is not on the brink of a recession.

Trump's Tariff Announcement Adds to the Day's Developments

Adding to the day's significant economic news, US President Donald Trump signed a new order imposing a 25% tariff on steel and aluminum imports, effective from March 4. This move, while controversial, underscores the administration's commitment to protecting domestic industries, further influencing market sentiments.

Market Highlights

Among the standout performers, the DAX saw a 0.58% increase, with SAP SE O.N. leading the charge with a 2.41% surge. Similarly, the Euro Stoxx 50 enjoyed a 0.61% rise, thanks in part to Ferrari's impressive 3.40% climb. The CAC 40 wasn't far behind, marking a 0.29% increase, with Societe Generale SA jumping 3.64%. The FTSE 100 also edged up by 0.11%, buoyed by Intertek Group PLC's 3.14% gain.

Currency Movements

In the currency markets, the euro strengthened by 0.41% against the dollar, trading at $1.03482 by late afternoon CET. The British pound also made gains, rising 0.45% to $1.24221, reflecting a positive outlook among investors.