Major stock market indexes in Europe closed higher on Tuesday after several German carmakers saw rises in the prices of their shares amid the news of the government considering implementing a scheme to aid the sector. Meanwhile, the European Union's largest economy posted a just-as-predicted slight drop in business expectations.

The DAX gained 0.94% as Bayerische Motoren Werke AG (BMW) soared by 3.55%. The FTSE 100 advanced by 0.26%, with Antofagasta PLC surging by 6.99%. The CAC 40 edged up by 1.23% as ArcelorMittal SA jumped by 4.99%. The Eurostoxx 50 grew by 1.05%, with Prosus NV expanding by 4.53%.

The euro went up by 0.40% against the dollar at 5:28 pm ET to sell for $1.11555. Simultaneously, the pound sterling increased by 0.28% against the United States currency to change hands for $1.33842.