(Bloomberg) -- Stocks posted modest gains as traders tackled a deluge of European earnings while they awaited progress in trade negotiations and a series of updates on the US economy.

Europe’s Stoxx 600 index rose 0.2%, advancing for a sixth day and tracking similar moves in US equity futures. Asian shares were higher, with sentiment boosted by signs of easing trade tensions after a White House official said imported automobiles would be given a reprieve from separate tariffs on aluminum and steel. A gauge of the dollar strengthened 0.1% while gold dropped as much as 1.2%. Treasury yields ticked higher.

In earnings news, Deutsche Bank AG shares rose after its trading unit hit a record. HSBC Holdings Plc was buoyed by news of a fresh share buyback. BP Plc slumped after cutting its buyback as profit missed estimates.

Beyond this week’s plethora of corporate results, investors will be tracking a stream of data for clues on the health of the American economy and prospects for Federal Reserve interest-rate cuts. Overall, relative calm has returned to markets after the extreme volatility spurred by the Trump administration’s April 2 tariff announcements.

“Peak pain seems to have passed with regard to tariffs, helping to calm nerves and reinvigorate investor optimism,” said Daniel Murray, Zurich-based chief executive officer of EFG Asset Management. “Not only does the Trump administration seem intent on walking back some of the more extreme trade measures that were announced on Liberation Day, but there has also been an associated reduction in uncertainty regarding the future.”

In Canada, the Liberal Party is projected to win a fourth consecutive election, giving a mandate to former central banker Mark Carney. The Canadian dollar weakened against the greenback on speculation Carney’s party will achieve only a narrow election victory.

Tariffs continued to dominate headlines, with Treasury Secretary Scott Bessent telling CNBC the US has put China to the side for now as it seeks trade deals with between 15 to 17 other countries. He also said it’s up to Beijing to take the first step to de-escalate the tariff fight.

China is also pushing back hard, with the People’s Daily, the flagship newspaper of the Chinese Communist Party, saying in a commentary Tuesday that the US should stop its wrongdoing of imposing tariffs. Foreign Minister Wang Yi also said if nations choose to remain silent, compromise and retreat, it will only lead to the bullies making further advances.

“Overall, I think the news flow gets better from here,” said Jitania Kandhari, Morgan Stanley IM Solutions and Multi-asset group CIO, said in a Bloomberg TV interview. “But on the long-term impact we are still watching what that means for economic growth and inflation.”

In commodities, oil extended a drop as the global trade war hurt the outlook for demand, with data pointing to signs of strain in the US economy and China stepping up its pushback against the Trump administration’s tariffs.

Some of the main moves in markets:

Stocks

Currencies

Cryptocurrencies

Bonds

Commodities

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Joanne Wong.