On the earnings front, Akzo Nobel, Norsk Hydro and Rio Tinto are among some of the major companies due to report on Tuesday.
Volkswagen will hold a special supervisory board meeting on Wednesday in order to discuss allegations that German carmakers were involved in industry collusion, a source confirmed to CNBC via email. The autos sector closed under pressure in the previous session after reports the European Commission had opened an investigation into German carmakers accused of operating a wide-ranging cartel.
Meanwhile, oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC urged members to boost compliance with production cuts.
Asian stocks were mostly higher on Tuesday, with Australia leading the way after falling behind its peers a day earlier.
Elsewhere, in the U.S., the Dow and S&P 500 finished modestly lower on Monday, as the market kicked off a busy week of earnings, while the Nasdaq hit fresh record highs as technology stocks shook off the broader market’s weakness.
Market participants are expected to look to earnings and the Fed to gauge the health of the market, as well as the projected pace of interest rate hikes.