The European stock markets closed sharply higher in Tuesday trading as the Stoxx Europe 600 rose 1.61%, Germany's DAX climbed 1.32%, the FTSE 100 advanced 1.46% in London, France's CAC 40 increased 0.86%, and the Swiss Market Index gained 0.96%.

The European Union's trade chief, Maros Sefcovic, met with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer for roughly two hours on Monday in Washington, but little progress was made between the two sides on tariffs, Bloomberg reported Tuesday, citing people familiar with the discussions. The US officials indicated that the majority of US tariffs imposed on the EU will not be removed, according to the report.

Seasonally adjusted industrial production increased 1.1% in the euro area and 1% in the EU in February compared with January, according to first estimates from Eurostat, the statistical office of the EU. Compared with a year earlier, industrial production increased 1.2% in the euro area and 0.6% in the EU.

The highest monthly increases were recorded in Ireland (+10.8%), Belgium (+7.4%) and Luxembourg (+6.3%), while the largest decreases were in Croatia (-3.9%), Greece (-3.6%) and Romania (-2.1%). The highest annual increases were in Ireland (+38.8%), Lithuania (+9.1%) and Luxembourg (+6.6%), while the largest decreases were seen in Hungary (-8.0%), Bulgaria (-4.7%) and Germany (-3.7%).

In France, the consumer price index in March rose 0.2% from February, which was due to the seasonal increase in prices of manufactured products, according to the National Institute of Statistics and Economic Studies. Compared with a year earlier, consumer prices rose 0.8% in March.

And in corporate news, Stellantis is facing opposition from investors over its executive pay policies after awarding former CEO Carlos Tavares 23.1 million euros ($26.2 million) in 2024, Bloomberg News reported Tuesday, citing sources familiar with the matter. Bloomberg said asset manager Allianz Global Investors and proxy advisor Proxinvest urged shareholders to reject the pay report. Stellantis did not immediately respond to MT Newswires' request for comment.

The European automaker Stellantis has also shortlisted five candidates to succeed former chief executive officer Carlos Tavares, Reuters reported Tuesday, citing people familiar with the matter.

Shares of Stellantis climbed 6.6% on the Paris bourse.

Banco Bilbao Vizcaya Argentaria has brought in Deloitte to help plan its merger with rival Banco Sabadell, even though the offer hasn't been formally presented to Sabadell's shareholders, Bloomberg reported Tuesday, citing people with knowledge of the matter. Banco Bilbao Vizcaya Argentaria and Deloitte did not immediately respond to MT Newswires' request for comment.

Shares of Banco Bilbao Vizcaya Argentaria gained 2.2% on the Madrid Stock Exchange.

French oil and gas company TotalEnergies said Tuesday that it expects its Q1 hydrocarbon production at the high end of its guidance range of 2.5 million to 2.55 million barrels of oil equivalent per day, up nearly 4% from a year earlier. Exploration and production results are expected to reflect this production increase and a price environment that is "slightly more favorable" than Q4, the French energy giant said.

Shares of TotalEnergies were up 0.8% in Paris.

Swedish telecommunications company Ericsson reported Q1 earnings Tuesday of 1.24 Swedish krona ($0.13) per diluted share, up from 0.77 krona a year earlier. Analysts polled by FactSet expected 0.70 krona. Net sales for the quarter ended March 31 were 55.03 billion krona, up from 53.33 billion krona a year earlier. Analysts surveyed by FactSet expected 51.89 billion krona.

Shares of Ericsson surged nearly 8% on the Nasdaq Stockholm.