Markets Respond Positively to Powell's Testimony

European stock markets closed higher on Tuesday, buoyed by United States Federal Reserve Chairman Jerome Powell's testimony before Congress. Powell emphasized that the Federal Reserve is not in a hurry to adjust its monetary policy and reassured that the US economy is not in a recession. His remarks came during his presentation of the Fed's semiannual Monetary Policy Report to the Committee on Banking, Housing, and Urban Affairs.

Trump Imposes New Tariffs

In related news, US President Donald Trump signed an order to impose 25% tariffs on steel and aluminum imports, effective March 4. This move has sparked discussions on its potential impact on global trade and markets.

Market Performance Highlights

The DAX index in Germany saw a notable increase, closing up by 0.58%, with SAP SE leading the gains. The Euro Stoxx 50 also rose, with Ferrari making significant advances. France's CAC 40 and the UK's FTSE 100 both ended the day higher, with notable performances from Societe Generale SA and Intertek Group PLC, respectively.

Currency markets also reacted, with the euro and British pound both strengthening against the dollar by the close of trading.