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.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.