The US and EU reached a trade deal with a 15% tariff on most EU goods, boosting markets and preventing a larger trade war. German carmaker Audi cut its financial forecast due to higher tariffs. European shares hit a four-month high on pharma and semiconductor gains post-deal, but spirits stocks fell as tariffs remain unresolved. FX markets saw the euro rise to $1.1753 and the pound stay steady at $1.3443. Gold traded at $3340/oz, oil prices rose slightly, and a busy economic calendar lies ahead, including central bank meetings and US earnings reports. The FTSE 100 index gapped higher but retreated post-open.

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