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

Most major equity markets have clawed back loss in the six weeks since U.S. President Donald Trump dropped his tariff bomb, leaving investors now nervously looking to see if more trade deals will follow those the U.S. has sketched out with China and Britain.

U.S. stocks have returned to positive territory for the year, while European shares are now a shade higher than when Trump announced tariffs against friend and foes alike on April 2.

Technology shares are back in the spotlight after U.S. chip firms Nvidia and Advanced Micro Devices announced huge artificial intelligence deals in the Middle East, timed with a visit by Trump to Saudi Arabia.

A surge in Nvidia stock on Tuesday took the chip firm's valuation to $3 trillion and CEO Jensen Huang's net worth to $120 billion.

U.S. performance is likely to lift Europe's tech stock index on Wednesday, with notable constituents including Dutch chip firm ASML. Still, equity futures point to a lower European open and a flat day in the U.S..

Trump in an interview on Tuesday said he could see himself dealing directly with Chinese President Xi Jinping on details of a trade pact. His touted "potential deals" with India, Japan and South Korea are still pending.

The U.S. dollar, which has taken a beating on the back of U.S. trade policy uncertainty, was mired in loss in Asian trade. Global asset managers held their biggest underweight position in the dollar in 19 years in May, Bank of America's global fund manager survey showed on Tuesday.

The next signal for U.S. economic health is retail sales data for April due on Thursday. The same day, talks are planned between Ukraine and Russia in Istanbul with hope of a ceasefire three years into Europe's deadliest conflict since World War Two.

Key developments that could influence markets on Wednesday:

* Germany, Spain report final CPI figures for April * Europe earnings: Burberry Group full year, ABN Amro BankQ1 * Bank of England Governor Andrew Bailey speaks in Amsterdam * Fed Bank of New York Q1 report on household debt andcredit * Fed Vice Chair Philip Jefferson speaks on the economicoutlook at a virtual conferenceTrying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.