17.02.202617:26:05UTC+00STOXX 600 Approaches Record High

European stocks closed sharply higher on Tuesday, rebounding after several subdued sessions, bolstered in particular by financials and consumer discretionary shares. The Eurozone’s STOXX 50 advanced 0.7% to 6,022, while the pan-European STOXX 600 rose 0.5% to 621.4, putting it within decimals of last week’s record high.

Banks rallied strongly and insurers extended gains into a second session, both supported by another positive day for benchmark sovereign bonds. UniCredit, BNP Paribas, and AXA climbed between 1.7% and 2.7%.

Automakers and luxury brands were lifted by expectations that the United States will cut metal tariffs and by optimism over robust retail sales in China during its holiday period. LVMH, Mercedes-Benz, and BMW advanced between 1% and 2.5%.

Separately, Bayer jumped 7.5% as the company moved toward announcing a $10.5 billion settlement covering future cancer-related lawsuits linked to its Roundup weedkiller.