Emma Moriarty, analyst at CG Asset Management, said in a note that after last week's US tariffs on major trading partners, markets should expect a global environment of lower growth and higher inflation. She said the tariffs take effect against the backdrop of an energy shock and worsening supply-chain disruption.

AP: The Pentagon's official U.S. death toll for the Iran war no longer includes four U.S. soldiers killed in recent fighting; those four, along with 207 wounded, have been reclassified into a new "overseas operations" category.

KfW researcher Philipp Scheuermeyer said the steady rise in the Ifo business climate index suggests German growth momentum should continue. He cited government reforms, strong construction output and a potential pickup in consumer spending as supporting factors. Scheuermeyer warned Q2 signals are more uncertain amid a faltering US‑Iran peace deal; a modest rise in energy prices could be absorbed, but a prolonged disruption to Gulf energy exports would inflict damage via an energy‑price shock.