Outlook web access rewrites all URLs to pass through its filter, so if you checked the entire URL all you got was "is outlook.com malicious?" and of course the answer is no. The link will redirect to "ht tp://actually sale.c om/" (remove the spaces to turn it back into a real URL). The
* characters appear to be substitutes for the % character used to mark encoded URL parameters; not sure why they're doing that but I expect they had reasons. Additionally, there's some added URL parameters - the "data", "sdata", and "reserved" parameters - which appear to be part of the redirecting URL rather than they redirected-to URL. They were probably added by outlook.com for some reason, likely related to tracking data about user access to that URL (possibly even for purposes of URL reputation).
As for whether the linked-to site is malicious in some way: I don't know what the "actuallysale-dot-com" domain is for, but it does sound sketchy. That said, it's probably not anything worse than a scam site trying to sell you knockoff products as genuine, or something like that. The short URL without any way to identify who it was sent to makes it unlikely to be any sort of referral tracking service.
The site itself could certainly be a phishing site, but without visiting there's no way to know for sure and without the rest of the email I couldn't even hazard a guess. It could also be other sorts of malicious, such as mounting an attack on your browser (through rendering engine / JS runtime bugs), an attack on another site (via XSS, CSRF, clickjacking, or similar web security bugs), or even an in-browser cryptocurrency miner written in JS. It's probably not any of those, but I can't say for sure without checking, and that's going to be up to you.
For what it's worth, while "actuallysale dot com" is a real domain - IP address 184.108.40.206 - I don't see any "whois" info for it. Also, the fact that it's an HTTP link rather than HTTPS is sketchy; there's just not a lot of reasons to use HTTP for anything these days, and none at all for a legitimate site involving sales of anything.