India, March 12 -- European stocks closed higher on Wednesday, recovering from recent losses, as investors reacted to news about prospects of a ceasefire in Ukraine. Tamer than expected U.S. consumer price inflation data also aided sentiment.
Worries about fresh tariffs by the U.S., and concerns about the outlook for global economic growth limited markets' upside.
Kyiv has reportedly agreed to a US-proposal for an "immediate, interim 30-day ceasefire" if Russia agrees to the terms.
"A while ago, Ukraine has agreed to the ceasefire. Now we go to Russia and hopefully President Putin will agree to it also," U.S. President Trump said soon after the Jeddah announcement.
Data released by the Labor Department showed consumer prices in the U.S....