UK and European equities were mixed as the latest volley in Washington’s trade war keeps nerves taut. The auto and luxury names struggled the most as they bear the brunt of tariff angst. The UK maintained it’s high helped by miners and dollar-earners.

US markets opened lower as investors juggle tariff worry with AI-driven enthusiasm and the start of Q2 earnings tomorrow. RBC has nevertheless lifted its year-end S&P 500 target to 6,250 citing resilient tech momentum.

Asia-Pacific markets were mixed as Japanese equities drifted down while China was bolstered by stronger-than-expected export data.

Oil started the day strong but faltered as US markets opened with talk of fresh US sanctions on Russian energy, including levies on major customers buying Russian oil.

Gold ticked higher as the increased threat of tariffs adding to global uncertainty will mean that gold as a safe haven asset will continue to be in focus.

Lab equipment maker Waters Corp will merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $17.5 billion deal.

On the downside, sales, marketing and support services group DCC fell after agreeing to sell its Info Tech business in the UK and Ireland to private equity investor Aurelius for around £100m.