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European stocks close higher after some tariff uncertainty relief; Infineon up 10%

This was CNBC's live blog covering European markets.

European stock markets closed higher Tuesday after U.S. President Donald Trump's decision overnight to delay tariffs on Canada and Mexico raised hopes that Europe could also avoid duties.

The pan-European Stoxx 600 ended the day 0.22% higher. UBS shares fell 7% after the lender's fourth-quarter results and up to $3 billion share buyback plans failed to impress.

The move higher comes after European stocks slumped on Monday as investors reacted to Trump's decision to impose trade tariffs on Canada, Mexico and China, and threatened to introduce levies on goods from the European Union and U.K.

However, market sentiment got a boost overnight as Trump announced a 30-day pause on tariffs on Mexico and Canada. The pauses came after both countries agreed to take steps toward preventing the trafficking of opioid fentanyl into the U.S.

China, meanwhile, announced retaliatory tariffs early Tuesday morning, saying it would levy duties of up to 15% on select U.S. imports, including on crude oil, some vehicles and farm equipment, starting Feb. 10.

European stock markets closed higher after U.S. President Donald Trump's decision overnight to delay tariffs on Canada and Mexico raised hopes that Europe might dodge duties.

The pan-European Stoxx 600 rose by 0.3%, France's CAC 40 was up 0.7% and Germany's Dax was higher by 0.4%. Meanwhile, the FTSE 100 provisionally closed down by 0.15%.

— Ganesh Rao

U.S.-listed shares of Ferrari were up 3% after the luxury automaker reported strong earnings growth for 2024.

The company earned 1.53 billion euros for the full year, marking a 21% year-on-year increase from 2023. Shipments for 2024 totaled 3,325, an uptick from 3,245 in the prior year.

— Fred

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