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

After a sputtering start to the week for the equities market, flash PMI data from Eurozone, UK and Germany will likely give some sort of direction for traders. Investors have put on their risk-off hats so far, with the dollar ascendant on Tuesday, having erased its year to date losses and as Asian equities flirt with six-week lows.

With U.S. markets set to reopen after Monday's holiday, investor focus will be squarely on minutes from the Feb. 1 Federal Reserve meeting, scheduled to be released on Wednesday.

At that meeting, the central bank raised interest rates by 25 basis points and said disinflation was underway. Resilient economic data for the past month has brought back investor fears that the Fed will have to hike more and stay higher for longer.

Minutes from the Reserve Bank of Australia's policy meeting in February showed the board abandoned all thought of pausing rate hikes in the face of sticky inflation and signalled more hikes would be needed in the months ahead.

Meanwhile, Russian President Vladimir Putin was due to make a speech on Tuesday setting out aims for the second year of his invasion of Ukraine. It comes just a day after U.S. President Joe Biden's surprise visit to Ukraine where he walked the streets of Kyiv and promised to stand with Ukraine as long as it takes.

In the corporate world, global miner BHP Group reported a dour first half earnings but pinned hopes on a rebound in demand from China, its biggest customer.

Europe's largest bank HSBC Holdings unveiled plans for a special dividend and share buybacks as rising interest rates swelled net interest income.

Earnings from Walmart later in the day will shed light on American consumers' buying habits in the face of rising expenses.

Key developments that could influence markets on Tuesday:

Economic events: Flash PMIs for Germany, France, UK and Eurozone

(Reporting by Ankur Banerjee; Editing by Sam Holmes)