President Trump said Iran launched five missiles last night; all were shot down.

European equities opened broadly higher as stronger earnings and a rotation into defensive sectors lifted the Stoxx Europe 600, despite an ongoing semiconductor-led selloff. FTSE 100 rose about 0.5% as an oil rally buoyed Shell and BP. CAC 40 gained 0.5%; Kering jumped 11% after reporting results, strengthening the luxury sector. DAX added 0.3%; Deutsche Bank climbed 5.3% after announcing a new share buyback and was a key driver for the index. AEX edged up 0.05%; semiconductor equipment firm ASM International fell over 6% while chemical distributor IMCD rose 9%, partly offsetting tech weakness. IBEX 35 declined 0.65%.

UBS said its global wealth management arm recorded net new assets of $36 billion in Q2, driven by strong inflows in Switzerland, Europe, the Middle East and Africa (EMEA) and Asia Pacific (APAC).