European Markets Respond Positively to Powell's Testimony

European markets experienced a significant uplift on Tuesday, following Federal Reserve Chairman Jerome Powell's testimony before the Committee on Banking, Housing, and Urban Affairs. Powell emphasized that the Federal Reserve is not in a hurry to adjust its monetary policy, reassuring investors that the United States is not heading towards a recession.

Impact of US Tariffs on Steel and Aluminum Imports

In related news, President Donald Trump's decision to impose a 25% tariff on steel and aluminum imports starting March 4 has sparked discussions on its potential impact on global trade and economies.

Market Performance Highlights

The DAX index saw a 0.58% increase, with SAP SE O.N. leading the surge by 2.41%. Similarly, the Euro Stoxx 50 and CAC 40 also enjoyed gains, with Ferrari and Societe Generale SA experiencing significant increases. The FTSE 100 wasn't left behind, as Intertek Group PLC climbed by 3.14%.

Currency Movements

At 5:28 pm CET, the euro strengthened by 0.41% against the dollar, trading at $1.03482, while the British pound also saw a 0.45% increase, reaching $1.24221.