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

Central bank moves in Asia on Tuesday went as telegraphed, with Japan raising its short-term policy rate to 1% - the highest since 1995 - and Australia leaving rates on hold at 4.35%.

Neither the yen nor the Australian dollar made sharp initial reactions.

Focus falls next on press conferences in Sydney and Tokyo, with investors expecting reasonably hawkish outlooks - having priced another hike in Japan this year and a 65% chance of a further hike in Australia.

Reserve Bank of Australia Governor Michele Bullock is due at 0530 GMT and Bank of Japan Deputy Governor Shinichi Uchida, who is filling in for a hospitalised Kazuo Ueda, an hour later.

Japan's hike brought rates to the bottom of where policymakers estimate the economy's neutral rate lies, but came with a pause - which had also been signalled - in the central bank's extrication from the bond market.

It will reduce its bond buying by about 200 billion yen ($1.25 billion) a quarter until April 2027 when it will level off with JGB buying at around 2 trillion yen a month.

Elsewhere, traders were unwilling to take markets higher on the tentative peace made over the weekend between the U.S. and Iran. Oil prices held above $80 a barrel, details of the deal were scarce and shippers said it could take weeks to rebuild the confidence to safely navigate the Strait of Hormuz. [MKTS/GLOB]

SoftBank shares were steady after Reuters reported the chief financial officer of the Vision Fund investing arm is leaving after a decade.

Chinese data was patchy in May, with retail sales falling for the first time in more than three years and weighing on market mood, with stocks down in Hong Kong. [.HK]

Overnight, Wall Street had notched gains. In after-hours trade SpaceX's market value surpassed $2.6 trillion as the stock rallied to some 48% above its listing price. [.N]

Nvidia threw debt markets a curveball with a surprisingly big $25 billion bond issuance, which it says it will use for refinancing and general purposes.

Key developments that could influence markets on Tuesday:

- Economics: German ZEW survey

($1 = 160.0700 yen)

(Editing by Jamie Freed)