European markets set to start the new trading week on a positive note

European markets are set to start the week on a positive note, appearing to shrug off President Donald Trump's latest tariff announcement.

The U.K.'s FTSE 100 index is expected to open 12 points higher at 8,707, Germany's DAX up 27 points at 21,788, France's CAC up 13 points at 7,971 and Italy's FTSE MIB 15 points higher at 37,172, according to data from IG.

It remains to be seen whether European markets can evade negative sentiment that's denting investor confidence elsewhere; Asia-Pacific markets fell overnight, tracking U.S. stocks futures that were lower as escalating trade tensions dampened sentiment.

U.S. President Donald Trump told reporters Sunday that he was planning to announce a blanket 25% tariff on all steel and aluminum imports on Monday, according to Reuters. Last Friday, the three key U.S. indexes fell after Trump said he was planning reciprocal tariffs on trading partners. 

Major data releases this week include U.S. inflation data on Wednesday, German inflation and U.K. gross domestic product figures on Thursday and the latest quarterly European growth data on Friday.

Earnings come from Mediobanca on Monday. Other reports to look out for on Monday include the Munich Security Report. The annual report is published ahead of the MSC Munich Security Conference which begins on Friday, and serves as a basis for discussion at the conference.