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

Ankur Banerjee

An indefinite ceasefire in the Middle East that may or may not

be agreed by all parties but is mostly expected by markets is

likely to leave April's risk momentum intact, allowing investors

to focus instead on corporate earnings and economic data.

U.S. President Donald Trump appeared to unilaterally

announce a ceasefire extension just hours before the current one

was due to expire, although it remains unclear whether Iran, or

U.S. ally Israel, have agreed - or even would agree - to the new

arrangement.

At the same time, Trump said he would continue blockading

Iran's ports and shores, meaning traffic through the Strait of

Hormuz is effectively at a standstill. That has left Brent crude

prices hovering near $100 a barrel.

Oil prices may have pulled back from March peaks on growing

optimism of a peace deal but as long as the waterway remains

closed, there is always the risk of elevated energy prices -

still above pre-war levels - and inflationary shock.

That brings us to the main economic data of the European day

with a British inflation report for March set to provide details

of the local impact of the war in the Middle East. It will

likely show inflation accelerated to 3.3% from 3% in February,

showed a Reuters poll of economist.

Earnings from U.S. chipmaker Texas Instrument and

Elon Musk's Tesla later in the global day will also be

crucial to understanding how companies are navigating the

upheaval in energy and supply chains.

While they've been grappling that, Musk's SpaceX has seen a

slew of developments this week as it barrels toward what could

be the largest initial public offering in history.

And so, with little in the way, share prices are likely to

hum higher, having already recouped all loss suffered in March.

U.S. stock futures were up 0.5% while European futures

pointed to a subdued open.

In Asia, the AI theme is back on, leading South Korean

and Taiwan stocks to record highs with South

Korean chipmaker SK Hynix now among the top 20 most

valuable companies in the world.

Key developments that could influence markets on Wednesday:

* UK CPI and PPI for March

* Euro zone consumer confidence flash for April