June 11 (Reuters) - A look at the day ahead in European

and global markets from Wayne Cole.

So, apparently, they have the concept of a plan for a proposal

on a framework for a deal to break the latest U.S.-China trade

impasse. Which was only needed because President Trump sent that

tweet claiming Beijing had broken the old deal.

This deal now needs to be approved by Trump and Chairman Xi,

and then implemented. At least the Chinese side thought the

talks were "rational", which was a step forward.

Details were scant, though the U.S. team did claim that it

would resolve China's export restrictions on rare earth minerals

and magnets. What Beijing got in return was not yet clear.

Neither was it clear whether this truce would last any

longer than the last one, which might be why the early market

response was less than enthusiastic. U.S. and European stock

futures were all down between 0.2% and 0.6%, and Asian shares

modestly firmer.

There is still the small matter of whether the April 2

levies are actually legal, with a federal appeals court allowing

the tariffs to remain in effect while it reviews a lower court

decision blocking them.

The dollar and Treasuries were little changed as the U.S.

CPI looms later in the day and any upside surprise would fan

stagflationary fears, to the detriment of both markets.

Analysts assume lower energy prices will keep the headline

rise to 0.2%, while the core is seen up 0.3%. Attention will be

on whether tariffs show up in goods prices, though the full

impact is likely to appear from June onwards. Measures of

volatility suggest investors really aren't prepared for a high

number, so anything in line will be a relief.

Treasuries also have a 10-year auction to weather, with the

focus on the share taken by indirect bidders which include

foreign central banks. The latter took a hefty 71% of the May

sale, while primary dealers got just 8.9%. A repeat performance

would be warmly welcomed.

Key developments that could influence markets on Wednesday:

* ECB wage tracker. Appearances by ECB council members

Gabriel

Makhlouf; Piero Cipollone; Philip Lane and Claudia Buch;

policymaker Yiannis Stournaras

* British finance minister Rachel Reeves releases spending

review

* U.S. CPI data for May