European Markets Lifted by Positive Corporate Updates and US-China Trade Truce

European stocks saw an upward tick on Tuesday, buoyed by favorable corporate news, which helped sustain markets at a six-week high. This comes a day after the US and China declared a halt on their trade dispute.

The STOXX 600 index picked up 0.2% by 0732 GMT, marking its fourth consecutive session of growth. Global shares had previously jumped on Monday after Washington and Beijing reached a 90-day pause on certain hefty tariffs first imposed in April.

Bayer stood out with a 10.8% jump in shares, attributed to a less-than-expected decline in first-quarter adjusted earnings. This was achieved as robust prescription numbers for new drugs compensated for losses in its soy and cotton seed division. Meanwhile, shares of renewable energy companies, including Vestas, Orsted, and Portugal's EDP, rose on the back of promising US bill proposals. On the downside, Germany's major reinsurers, Munich Re and Hannover Re, saw their stocks dip by 3.9% and 3.4%, respectively, following sharp profit declines linked to claims from the recent Los Angeles wildfires.

(With inputs from agencies.)