European stocks closed broadly higher on Tuesday as investors reacted to the latest batch of European and U.S. economic data, and remained largely optimistic about interest rate cut by several central banks.

Canadian stocks are turning in a mixed performance on Tuesday, with investors largely reacting to earnings updates and digesting latest Canadian and U.S. economic data.

With inflation coming in hotter-than-expected during the first quarter, Federal Reserve Chair Jerome Powell said the central bank needs to be patient with regard to interest rates. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during remarks at the annual general meeting of the Foreign Bankers' Association in Amsterdam on Tuesday.

Producer prices in the U.S. increased by more than expected in the month of April, according to a report released by the Labor Department on Tuesday. The Labor Department said its producer price index for final demand climbed by 0.5 percent in April after a revised 0.1 percent dip in March. Economists had expected producer prices to rise by 0.3 percent.

IHS Holding Ltd. (IHS) reported Tuesday a net loss attributable to the company for the first quarter of $1.56 billion or $4.67 per share, compared to net income of $7.78 million or $0.03 per share in the prior-year quarter.

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Oil is retreating but unlikely to repeat the collapses of 2020, 2014 or 2008

The Japanese yen is experiencing a significant decline against the US dollar, marking the seventh consecutive session of this trend.

Dollar recovers somewhat while US stocks’ rally stalls; PPI and Fed Chairman Powell could wake up the market later today; Mixed UK labour data complicate the BoE’s outlook

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Ethereum knocking at support’s door

Today marks a significant day for both Germany and the USA, as they are set to unveil crucial economic data. Germany will release the Consumer Price Index (CPI), while the USA will disclose the Producer Price Index (PPI). These releases are vital indicators of each country's inflationary trends.