By Mike Dolan

LONDON (Reuters) - What matters in U.S. and global markets today

The dollar and U.S. Treasuries found their footing on Tuesday after a rough start to the week, but stocks remained edgy due to a mix of trade war concerns and spluttering factory activity.

I'll discuss this and all of today's market news below. And for today's deep dive, I'll explain why market fears are growing that the 'new cold war' could be turning hot.

Today's Market Minute

* Dutch far-right leader Geert Wilders' PVV party left the governing coalition on Tuesday, in a move that is set to topple the right wing government and will likely lead to new elections.

* Saudi Arabia and Russia had to reach a difficult compromise on OPEC+ policies on Saturday as Riyadh pushed to accelerate oil output increases while Moscow argued for a pause, four OPEC+ sources with knowledge of the talks said.

* Surging government debt levels are becoming a pressure point for big economies and bond investors have their sights on those not doing enough to improve their finances.

* BP has jumped from crisis to crisis in recent years, severely eroding its stature as one of the world's leading oil companies. The British firm may finally need to accept that it is no longer a true oil major and can’t keep managing cash like one. Read the latest from Reuters columnist Ron Bousso.

* Headwinds from tariffs, bond yields and 'stagflation' are gathering force, but corporate America could not be in better shape to face the economic storm that may be building. Read the latest from Reuters columnist Jamie McGeever.

Trump and Xi's big chat

The weekend saw testy bilateral exchanges between Washington and Beijing, as well as a doubling of U.S. steel tariffs to 50%. But hopes for some easing in Sino-U.S. tensions were stoked by news that President Donald Trump and Chinese leader Xi Jinping were scheduled to hold a call as soon as this week.

If they jump on the phone this Thursday, they could rope in German Chancellor Friedrich Merz - who will be meeting Trump that day in Washington - for a trilateral discussion among the world's three biggest economies.

There's clearly some urgency in Washington to get bilateral talks on track with time running out on its 90-day pause of reciprocal tariffs imposed on April 2.

A draft letter sent to negotiating partners showed the Trump administration wants countries to provide their best offer on trade negotiations by Wednesday as officials seek to accelerate talks with multiple partners. Perhaps pointedly, European Union sources said they had not received the letter.