Premarket: European stocks hit new all-time highs, oil and gold gain

European stocks rose to a new all-time high on Tuesday and the U.S. dollar held firm, as traders reduced their expectations for Federal Reserve rate cuts and waited for euro zone inflation data to give clues about the European Central Bank's path. Data on Monday showed U.S. manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, highlighting the strength of the economy and raising doubts about whether the Fed could actually deliver the three interest rate cuts outlined in its latest forecast. By contrast, euro zone manufacturing activity contracted at…