Stocks closed broadly higher in major European markets on Tuesday as investors remained hopeful about the U.S. and China signing a peace deal this week. Oil prices fell sharply amid prospects of reopening of the Strait of Hormuz sometime soon.
Investors also looked ahead to the monetary policy announcements from the Federal Reserve, the Bank of England and the Swiss National Bank.
According to reports, the U.S. and Iran are likely to formally sign a peace agreement on Friday, leaving a 60-day window for negotiations toward a final agreement.
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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.