The European markets traded lower on Tuesday as investors eye significant inflation data scheduled to be announced later this week. The British FTSE was last trading 0.2 percent lower. French CAC was trading 0.3 percent in the red, while the biggest European market by volume, German DAX was down 0.4 percent.

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The indices closed mixed on Monday. FTSE lost 0.1 percent, while CAC ended 0.1 percent higher.

China will release its consumer price index data on Wednesday, while the United States is due to announce its CPI numbers on Thursday. The US figure will provide context for Federal Reserve’s next monetary policy decision due in late September.

Wall Street ended higher in the previous session. Dow ended 1.16 percent higher. While S&P and Nasdaq closed 0.9 and 0.61 percent higher, respectively. Dow posted biggest one-day gain since Jun 15. S&P and Nasdaq snapped four-day losing streak.

The European markets are also taking cues from their Asian counterparts. Japan's Nikkei was last trading 0.38 percent higher, while China's Shanghai Composite was trading 0.25 percent in the red. Hong Kong's Hang Seng was trading 1.92 percent lower.

China on Tuesday reported a 14.5 percent year-on-year drop in exports and 12.4 percent decline in imports, lower than expected.

Oil prices rose early on Tuesday as Saudi and Russia's output cut announcements supported the commodity. However, at the last count, Brent crude futures were trading 0.84 percent lower at $84.62 a barrel. US West Texas Intermediate futures, too, were trading 0.83 percent lower at $81.25 per barrel.

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