Stock markets were muted on Monday after President Trump threatened the European Union with a 30 percent tariff on its goods if a deal couldn’t be reached by the end of the month.

Stocks dipped on Tuesday as new consumer price index data showed rising inflation and the Aug. 1 deadline for Trump’s tariff campaign loomed.

Central banks have ramped up buying at euro zone bonds sales this year, data shows, in a positive sign for the euro as the bloc looks to benefit from diversification away from U.S. markets.