A look at the day ahead in European and global markets from Kevin Buckland Europe wakes up to new U.S. tariffs on Canada, Mexico and China, bringing into starker relief Donald Trump's threat of levies for the EU next.

The market tone on Monday will be one of nervousness and uncertainty, as investors seek the safety of bonds, gold and the U.S dollar. Japanese equity futures are pointing to a fall of 1.75% at the open.

President Donald Trump showed no interest in backing off after he imposed tariffs against Washington’s three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin.