A look at the day ahead in European and global markets from

Kevin Buckland

The deep breath that global markets are taking in the

countdown to Donald Trump's "Liberation Day" tariff announcement

looks like it will continue into the European session, with

futures there pointing higher.

Wall Street's relatively minor respite was magnified in

Asia. Some markets such as Hong Kong, Taiwan and South Korea

surged back 1% or more from steep declines on Monday.

Nerves are definitely still a bit frayed though, with

supreme safe haven gold marking an all-time peak for a fourth

straight session.

To be clear, nothing has really changed: We still are no

wiser as to what Trump is set to announce on Wednesday. Any

expectations that there might be room for trade partners to

negotiate apparently came undone with the U.S. president's

statement late on Sunday that essentially every country will be

slapped with reciprocal levies.

Late on Monday, the White House released an encyclopaedic

list of foreign countries' policies and regulations it regards

as trade barriers.

Trump says he's willing to accept higher consumer prices

at home to reset the playing field for global trade, even with a

recent hot CPI reading stoking market fears of stagflation.

Upping the ante on a potential tariff-triggered slowdown,

Goldman raised its estimate on the odds of a recession to 35%,

and predicted three Fed rate cuts this year.

There's a lot of information about the state of the U.S.

economy this week, particularly the job market, with the JOLTS

report later today, the ADP report a day later, and monthly

payrolls figures on Friday, when Fed Chair Jay Powell is also

giving a speech on the economic outlook.

In Europe, ECB President Christine Lagarde and fellow

board member Philip Lane speak separately at a conference in

Frankfurt today, when we get euro-area data on consumer prices,

the manufacturing PMI and the jobless rate.

Britain will also have the manufacturing PMI, and the Bank

of England's Megan Greene gives a keynote speech to the Royal

Economic Society in London.

Meanwhile, French far-right politician Marine Le Pen

plans to appeal as soon as possible an embezzlement conviction

that bars her from running in the 2027 presidential election.

A front-runner to take over from President Emmanuel Macron,

Le Pen maintains her innocence and says the ruling was

politicised.

Le Pen's five-year public office ban actually cannot be

suspended by appeal, although she retains her parliamentary seat

until her term ends.

Key developments that could influence markets on Tuesday:

-Euro-area manufacturing PMI, CPI, unemployment rate

-ECB's Lagarde, Lane speak

-UK manufacturing PMI

-BoE's Greene speaks

-US JOLTS report