(fxcue news) - Indian shares may open on a cautious note Tuesday after data showed India's merchandise trade deficit in November widened to a record high of $37.84 billion from $27.1 billion in October, led by a surge in gold imports. Mixed global cues may also weigh on sentiment as investors eagerly look forward to a slew of central bank decisions across the globe, including Wednesday's FOMC meeting outcome. A 25-bps rate cut is already priced in by markets, but traders will pay close attention to the updated policy statement and Fed Chair Jerome Powell's press conference for clues on future interest rates under the Trump administration. Benchmark indexes Sensex and Nifty ended down around half a percent each on Monday, while the rupee fell by 8 paise to close at a record low of 84.8625 per U.S. dollar. Asian markets traded mixed this morning, Treasury yields were steady, the yen steadied after six days of losses and gold held on to a slight overnight gain while oil steadied after a decline on concerns about weakening demand in China, the world's biggest crude importer. U.S. stocks closed mostly lower overnight as Treasury yields paused amid Fed rate cut expectations and ahead of interest-rate decisions by major central banks across the globe. In economic news, a survey revealed U.S. economic output hit its highest level in nearly three years to close out 2024. The tech-heavy Nasdaq Composite rallied 1.2 percent to hit a new record closing high. The S&P 500 gained 0.4 percent while the Dow slid 0.3 percent to extend losses for the eighth consecutive and reach its lowest closing level in almost a month. European stocks closed lower on Monday amid political turmoil in Germany and France and an unexpected decision by Moody's to downgrade France's credit rating. The pan European STOXX 600 eased 0.1 percent. The German DAX and the U.K.'s FTSE 100 both dipped around half a percent while France's CAC 40 shed 0.7 percent.