European stocks closed higher on Tuesday as investors indulged in some strong buying at several counters, shrugging off concerns about imminent interest rate hikes.
Markets looked ahead to U.S. consumer price inflation data, due out on Wednesday. Investors also awaited the Federal Reserve Chairman Jerome Powell's confirmation hearing at the Capitol Hill.
Testifying before a Senate committee on Tuesday, Federal Reserve Chairman Jerome Powell said he expects a normalized supply chain to help ease inflation pressures in 2022. He also said that the central bank stands ready to hike interest rates further than projected to battle consistently high inflation.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.