European shares recover in broader gains; trade uncertainty persists

European shares rebounded on Tuesday amid broader gains, while investors continued to monitor any developments on the U.S. trade policy front.

The pan-European STOXX 600 index was up 0.2% as of 0707 GMT, after kicking off June on a slightly lower note. Some optimism remained after the White House said that Trump and his Chinese counterpart will likely speak this week, amid escalating trade tensions, even as investors remained cautious about the future of U.S. President Donald Trump's erratic tariffs.

The Trump administration asked an appeals court to pause a second court ruling that had brought up legal hurdles for the duties, while pushing countries for their best trade offers by Wednesday. Euro zone inflation numbers are scheduled to be released on Tuesday, ahead of the European Central Bank's interest rate decision this week.

UBS gained 3.3% after Jefferies upgraded the bank's stock to "buy" from "hold". Julius Baer slipped 1.9%. The Swiss bank announced further cost-saving measures amounting to 130 million Swiss franc ($159.02 million) by 2028.

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