In the US session Trade Balance figures were released. The U.S. trade deficit recorded its biggest increase in more than 1-1/2 years in October as exports of soybeans and other products fell, suggesting trade would be a drag on growth in the fourth quarter. The Commerce Department said on Tuesday the trade gap rose 17.8 percent, the largest increase since March 2015, to $42.6 billion. Higher imports due to rising domestic demand also contributed to the widening of the deficit. When adjusted for inflation, the deficit rose to $60.3 billion from $54.2 billion in September.

Focus of tomorrow's session will be on Australian GDP figures. Analysts predict 0.2% growth. There will be no major data releases in the US part of the session.

Figures to watch:

GDP (Wednesday 1:30)