Outlook: Investors are still not pricing in enough risks in emerging markets from the fallout of a new US-China trade war, writes Manik Narain of UBS. We have a busy day ahead with data releases and Wall Street earnings:

"Trump has a pretty free rein, he wants Canada and Mexico to play ball on immigration," Dmitri Ceres at U.S.-based aluminium trader PerenniAL. "Most likely tariffs will result in higher prices for metal in the U.S. versus the rest of the world."

U.S. stocks looked set to rise on Tuesday as the market chose to focus on the positives from a report saying Donald Trump may take a more restrained approach to raising tariffs. The President-elect’s

Investors are ditching emerging market stocks as they brace themselves for president-elect Donald Trump’s proposed trade tariffs and contend with a soaring US dollar and rising bonds yields. MSCI’s emerging markets index,

S&P 500 E-Mini futures (ESH25) are up +0.49%, andMarch Nasdaq 100 E-Mini futures (NQH25) are up +0.67% this morning as a report indicating the U.S. might take a gradual approach to hiking tariffs boosted sentiment,