A look at the day ahead in European and global markets from Tom Westbrook
The foundations of a turn-around Tuesday are there. Britain has opened the door to dismantling plans for spending its way out of inflationary trouble to cheers from investors.
Australian assets (apart from the currency) were toasting an unexpected slowdown in the speed of interest rate hikes, as the central bank switches to a sensible wait-and-see mode.
The short end of the country's bond market was having its best day in 13 years and the ASX 200 its best in more than two years. Europe and U.S. stock futures are up.
Down Under may well be a case apart, as commodity exports can afford the currency room for a pause in hikes and the combination of high indebtedness, a love of property and lots of variable mortgages makes monetary policy particularly effective.
Still, the excuse to buy is there for the hopeful. Of course reasons for caution abound, not least the level of volatility.
Worries about Credit Suisse, battered by its exposure to the twin collapses of Archegos and Greensill, have crushed its equity and debt prices and point to stress in the system.
North Korea fired a missile across Japan overnight. Ukraine's battlefield breakthrough in the east raises the risk of an unpredictable Russian response.
Key developments that could influence markets on Tuesday:
Economics: Euro zone producer prices
Speakers: ECB's Christine Lagarde, Fed's Philip Jefferson, John Williams, Loretta Mester, Mary Daly and Lorie Logan