European stocks closed at their highest in more than a year Tuesday, finding support from upbeat eurozone data, but HSBC PLC shares suffered the most since 2009 in the wake of financial results from the London-based lender. European equities climbed Tuesday after a better-than-expected preliminary reading on manufacturing activity in the eurozone. IHS Markit's February PMI gauge of eurozone manufacturing activity came in at 56.0, outstripping a 54.3 estimate from FactSet.

U.S. stocks rallied on Tuesday, with major indexes simultaneously closing at records for a second session in a row on the back of gains in defensive sectors and energy, even as concerns remained about the market's valuation. Stocks finished near their highs of the session with the day's gains broad as all 11 of the S&P 500's sectors finished higher.

Asia-Pacific stocks rose broadly following overnight gains overseas, as investors await the release later Wednesday of minutes from this month's U.S. Federal Reserve meeting. But gains are largely muted, as are declines in the few markets whose benchmark indexes are lower.