Source: Sharecast
The FTSE 100 was called to open unchanged at 8,941.
US President Donald Trump said on Saturday that he was planning to impose 30% levies on imports from the European Union and Mexico from 1 August.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "That’s far more than what the EU expected - they were hoping for a figure closer to what the UK secured: a 10% tariff, with exceptions for key sectors like metals and pharmaceuticals. Instead, they got a big, fat 30%.
"Trump did leave the door open for further negotiations and some fine-tuning, but given the level of tariffs unveiled since last week, you have to wonder whether it’s worth the time and energy to negotiate with a government that appears to have lost the plot - or if it's better to pursue other deals with other nations. That’s what the Europeans are now discussing: finding new friends.
"So, US and European futures are in the red this morning. DAX futures are the hardest hit as of writing - down 0.60%, while FTSE futures are flat. It’s becoming increasingly clear that the UK will be one of the rare privileged partners to retain 10% tariff access to US markets. But even that doesn’t seem to help much."
In corporate news, asset manager Ashmore said that assets under management increased by $1.4bn over the three months ended 30 June, made up of a positive investment performance of $2.2bn and net outflows of $800.0m.
Ashmore said net flows improved from Q3, with "significantly lower" redemptions, against a backdrop of "continuing trade tensions and geopolitical uncertainty".
GSK said the US Food and Drug Administration has accepted an application for review to extend use of its Arexvy respiratory syncytial virus vaccine to adults aged 18-49 who are at increased risk.
The vaccine is approved in the US for the prevention of lower respiratory tract disease caused by RSV in adults aged 60 and older, and for those aged 50-59 years who are at increased risk. A regulatory decision by the FDA on this submission is expected in the first half of 2026.