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

Westbrook

As U.S. futures have tiptoed back upwards near early

April's levels, it's the dollar that is left licking the wounds

of Donald Trump's first 100 days in office as it slides towards

its largest monthly drop in years.

Traders have sold the greenback as tariffs threaten U.S.

growth, productivity and dynamism, and its role as a safe

harbour has come into question while Trump's chaotic

communications roil markets.

There are 1,362 days left until the end of his term in 2029.

Tuesday brought a new walkback on parts of the automotive

tariffs, which will no longer pile on top of other import

levies, though that was greeted warily with European and U.S.

futures up only slightly in the Asia session.

Investors are looking for more concrete signs of progress in

winding back the de-facto embargo levels of tariffs that the

U.S. and China - the world's two biggest economies - have thrown

up against each other in April.

Treasury Secretary Scott Bessent told CNBC it was "up to

China to de-escalate" while China has held off on stimulus,

betting that Washington will blink first.

Still, Trump's concession to automakers might show he is

listening to business leaders, and indeed he is scheduled to

host more than two dozen executives from Nvidia, Toyota,

SoftBank and Hyundai at the White House on Wednesday.

Before that, he is due to hold a rally in Michigan on

Tuesday to mark his first 100 days. In Europe, the lights are

coming back on in Portugal and Spain after Monday's huge power

outage, with the root cause still unclear.

Markets showed little immediate reaction to the victory of

Prime Minister Mark Carney's Liberal Party in elections in

Canada, where television networks were projecting a minority

government.

Euro zone confidence readings and inflation data for Spain

and Belgium are due on Tuesday, along with earnings at HSBC ( HSBC )

and tariff bellwethers such as Adidas and

Logitech.

General Motors ( GM ) and Visa report during the U.S.

day, ahead of mega-cap earnings at Apple ( AAPL ), Amazon ( AMZN )

, Microsoft ( MSFT ) and Meta later in the

week.

Key developments that could influence markets on Tuesday:

Earnings: Deutsche Bank, HSBC ( HSBC ), Amundi, Adidas, BP, Logitech,

General Motors ( GM ), Visa

Economics: Euro zone confidence, Spain and Belgium inflation

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