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European equities edged lower on Friday as investor sentiment soured amid renewed uncertainty around global trade negotiations and weaker-than-expected economic data from Germany. The downturn marks a cautious end to the week as market participants await clarity from the U.S. on tariff measures.

As of 07:05 GMT, Germany’s DAX slipped 0.2%, France’s CAC 40 dropped 0.7%, and the U.K.’s FTSE 100 declined 0.3%. With U.S. markets shut for the Independence Day holiday, trading volumes were expected to remain light.

Trade Anxiety Builds as U.S. Tariff Deadline Approaches

Optimism around potential trade agreements with the U.S. had helped lift European stocks to near-record highs in recent sessions. But concerns resurfaced after President Donald Trump confirmed that countries not yet aligned with Washington would soon be notified of the specific tariff rates on their exports.

Letters detailing the planned duties were expected to be sent out on Friday, with rates ranging from 10% to as high as 70%. These new levies are scheduled to take effect starting August 1, with a July 9 deadline looming for finalizing trade deals.

The European Union is aiming to strike a preliminary agreement with the U.S. ahead of that deadline. However, EU negotiators remain cautious, preparing for the possibility of renewed tariff retaliation if talks fall apart.

German Industrial Orders Post Sharp Decline

Economic concerns deepened with fresh data out of Germany showing a surprise drop in industrial orders. New orders fell 1.4% month-on-month in May, significantly underperforming forecasts. The steep decline was largely driven by a 17.7% plunge in the computer, electronic, and optical goods sector — a reversal following large-scale orders in April.

While the drop may be a temporary correction, it casts doubt on the stability of Germany’s recovery and, by extension, the wider eurozone. The European Central Bank has lowered interest rates by 200 basis points since June 2024 but paused this month, although another cut to 1.75% remains likely later this year.

Air France-KLM Expands Stake in SAS

In corporate news, Air France-KLM (EU:AF) announced plans to raise its stake in Scandinavian carrier SAS from 19.9% to 60.5%, acquiring shares held by Castlelake and Lind Invest. The move is part of a strategic effort to expand in Northern Europe and create operational synergies.

Separately, rail manufacturer Alstom (EU:ALO) revealed it secured a €2 billion contract from the New York Metropolitan Transportation Authority to supply M-9A railcars for Long Island and Metro-North lines, strengthening its presence in the U.S. infrastructure market.

Crude Prices Ease Ahead of OPEC+ Gathering

Oil prices slipped slightly on Friday as traders awaited signals from this weekend’s OPEC+ meeting, where another modest output increase is anticipated. Brent crude futures dropped 0.4% to $68.51 per barrel, while WTI futures edged down 0.3% to $66.82 per barrel.

Despite the pullback, both benchmarks are on track to close the week higher by 1–2%, recovering some of the steep losses suffered in the prior week.

OPEC+ is expected to agree on a production hike of 411,000 barrels per day in August, maintaining its gradual rollback of supply curbs imposed over the past two years to support prices.

In geopolitics, Axios reported that U.S. and Iranian officials could resume nuclear talks as early as next week. Iran’s foreign minister reaffirmed the country’s commitment to the Nuclear Non-Proliferation Treaty, signaling a potential diplomatic thaw that could influence future oil supply dynamics.

The US dollar weakened against major global currencies on Friday, as markets grew jittery ahead of a looming tariff deadline and mounting fiscal concerns following President Donald Trump’s approval of a sweeping tax cut bill.

While the greenback had rallied on Thursday after better-than-expected job numbers delayed expectations for Federal Reserve rate cuts, gains proved short-lived. The US Dollar Index, which tracks the dollar’s performance against a basket of six major currencies, edged down 0.1% to 96.96 in early European trading. The index remains on course for its second consecutive weekly loss.

The dip comes after the House of Representatives narrowly passed Trump’s major tax-and-spending bill, projected to add $3.4 trillion to the US’s already substantial $36.2 trillion national debt. The legislation, which includes large-scale tax cuts and reductions in social safety-net programs, is expected to be signed into law on Friday.

Investors are now turning their focus to July 9—the date when a new wave of US tariffs is set to take effect on countries that haven’t finalized trade agreements with Washington. Trump confirmed that formal tariff notifications would be sent out Friday, signaling a move away from bilateral negotiations in favor of across-the-board rate impositions between 10% and 70%.

Dollar Retreats Amid Trade Friction

The euro rose 0.1% to $1.1773, positioning itself for a 0.4% weekly gain. The Japanese yen gained 0.4% to 144.375 per dollar, and the Swiss franc advanced 0.2% to 0.7939 per dollar. The dollar’s broader retreat reflects investor unease over the potential drag from escalating trade tensions and growing skepticism around US debt sustainability.

“The appetite for the dollar is shrinking,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Concerns over ballooning US debt and the fallout from trade disruptions are reducing investor confidence. If inflation rises while trade slows, the Fed will find itself in a difficult position.”

Earlier in the week, the dollar hit multi-year lows against the euro and pound, capping its worst first-half performance since 1973. Traders were rattled by the administration’s volatile tariff strategy and the perceived erosion of US fiscal discipline.

Global Response to Tariff Deadline

European Commission President Ursula von der Leyen stated that the EU aims to reach a trade deal “in principle” with the US before the July 9 deadline. Meanwhile, Japan—one of the countries yet to secure a deal—is reportedly dispatching its top trade negotiator to Washington this weekend.

China also intensified trade tensions, announcing retaliatory tariffs of up to 34.9% on European brandy imports, effective July 5 and lasting for five years.

Strong Jobs Report Offers Temporary Support

Thursday’s release of the US Labor Department’s June employment report provided brief support to the dollar. Nonfarm payrolls rose by 147,000—beating estimates of 110,000—easing fears of a sharp labor market downturn.

“The labor market is softening gradually rather than collapsing, which is encouraging,” said Hirofumi Suzuki, chief currency strategist at SMBC. “Still, with trade negotiations likely to disappoint, we could see further dollar weakness and renewed yen strength.”

Market expectations for the Fed to hold interest rates steady at its July meeting have surged to 95.3%, up from 76.2% earlier this week, according to CME’s FedWatch tool. Most analysts now anticipate no rate cuts until September at the earliest.

Tesla’s (NASDAQ:TSLA) vehicle registrations in the United Kingdom rose by 12% year-over-year in June, boosted by the rollout of the latest Model Y version, according to figures released Friday by research firm New AutoMotive.

The electric vehicle maker registered 7,891 new cars last month, up from 7,019 during the same period in 2024. The increase aligns with the start of deliveries for Tesla’s updated Model Y, which began reaching UK customers in June.

Tesla’s performance mirrors a broader upswing in Britain’s automotive market. Total new car registrations reached 187,655 for the month, marking a 12.8% annual increase.

Battery electric vehicles (BEVs) stood out in particular, with sales soaring 45.5% compared to June last year—highlighting the continued momentum behind EV adoption in the UK.

U.K. equities slipped in early trading Friday, mirroring losses across major European markets, as investor sentiment weakened ahead of anticipated tariff measures from the United States.

At 07:06 GMT, the FTSE 100 was down 0.3%, while the pound held firm, rising 0.1% against the dollar to trade above $1.36. In mainland Europe, Germany’s DAX fell 0.2%, and France’s CAC 40 declined by 0.8%.

Trump Tariff Announcement Imminent

President Donald Trump announced Thursday that the U.S. would begin formally notifying key trade partners of new export tariffs starting Friday. The new measures, expected to take effect from August 1, include a wide range of tariff rates, reportedly between 10% and 70%.

As the July 9 implementation deadline nears, trade uncertainty continues to weigh on global markets. Despite early optimism around reaching multiple trade agreements, the U.S. has confirmed just three deals so far.

Major U.K. Pension Reform on the Horizon

Chancellor Rachel Reeves is preparing to unveil a sweeping reform of the U.K.’s pension system in her upcoming Mansion House speech on July 15, the Financial Times reports. The overhaul is expected to include the launch of a national commission to assess retirement adequacy across the country, a move aimed at enhancing long-term financial security for pensioners.

MJ Gleeson Issues Another Profit Warning

In corporate news, housebuilder MJ Gleeson (LSE:GLE) has issued a second profit warning in just one month. The company blamed stagnant house prices and surging build costs for deteriorating margins, citing continued softness in buyer demand.

Gleeson has responded by offering sales incentives and exploring bulk transactions to move inventory. It is also grappling with delayed site launches due to planning bottlenecks. CEO of Gleeson Homes, Mark Knight, has exited the company amid a broader reorganization initiative.

AstraZeneca Wins EU Nod for Bladder Cancer Drug

AstraZeneca (LSE:AZN) secured regulatory approval from the European Union for its cancer treatment Imfinzi, which targets specific bladder cancer indications. The drug had already been greenlit in the U.S., and applications are under review in Japan and additional international markets.

Gold prices edged higher in Friday’s Asian session, rebounding from sharp losses earlier in the week and positioning the precious metal for a solid weekly gain. Concerns over rising U.S. fiscal deficits and looming trade decisions from Washington helped buoy investor demand for safe-haven assets.

Spot gold climbed 0.5% to $3,341.34 an ounce, while August gold futures were up 0.2%, reaching $3,349.52 by 00:10 ET (04:10 GMT). Despite a nearly 1% drop on Thursday—triggered by a surprisingly strong U.S. employment report—gold remains up around 1.8% for the week, snapping a two-week losing streak.

Tariff Shock on the Horizon as Trump Moves Ahead with Trade Plan

President Donald Trump confirmed Thursday that the U.S. will begin notifying trading partners of new export tariffs as soon as Friday. Rather than engage in extended negotiations with over 170 nations, Trump said the U.S. will impose flat export duties of between 20% and 30%.

So far, formal trade agreements have only been finalized with the UK and Vietnam, along with a partial arrangement with China. Rising global trade tensions and policy uncertainty have lent additional support to gold, traditionally seen as a hedge during periods of economic and geopolitical friction.

Fiscal Concerns Fuel Bullion Support, But Strong Jobs Data Weighs

Investor appetite for gold this week was also driven by fiscal unease in the U.S., as lawmakers advanced a major tax-cut package that also includes increased border funding and scaled-back social spending. The legislation, which is expected to be signed by President Trump ahead of the July 4 deadline, is projected by the Congressional Budget Office to add $3.4 trillion to the federal debt, now exceeding $36 trillion.

However, the metal faced downward pressure Thursday after fresh labor market data showed the U.S. economy added more jobs than expected in June. The upbeat report dampened speculation about a near-term interest rate cut from the Federal Reserve.

With rate hike expectations dialed back, gold’s upside was limited—higher interest rates tend to weigh on gold, which offers no yield and becomes less attractive compared to income-generating assets.

Mixed Metal Moves Amid Dollar Strength

The U.S. Dollar Index edged 0.1% lower during Friday’s Asian hours but maintained most of its gains from the prior session, supported by the strong payroll figures.

Elsewhere in metals markets, platinum prices rose 0.5% to $1,385.80 per ounce, while silver dipped 0.3% to $37.00. Copper futures on the London Metal Exchange eased 0.3% to $9,923.65 per ton, and U.S. copper contracts slipped 0.4% to $5.115 per pound.

Oil prices edged lower in Friday’s Asian trading session as markets awaited signals from the upcoming OPEC+ meeting, while new U.S. sanctions on Iran helped limit further declines.

Brent crude for September delivery dipped 0.2% to $68.66 a barrel, while WTI futures fell to $65.51, also down 0.2%. Despite this slight pullback, both benchmarks are still up 1–2% on the week, though they continue to recover from sharp losses seen the previous week.

A stronger U.S. dollar, driven by upbeat nonfarm payrolls data, exerted pressure on oil, as expectations for near-term rate cuts diminished. Investor anxiety also lingered over the U.S. economic outlook, following the House’s approval of a divisive tax-and-spending bill and looming tariff decisions due by July 9.

OPEC+ Eyes Fresh Output Increase

Attention now turns to the weekend’s OPEC+ meeting, where the alliance is reportedly considering another output increase of 411,000 barrels per day for August. This would mark the fourth consecutive monthly hike, as the group continues unwinding production cuts implemented during the oil market downturn.

Led by Saudi Arabia, OPEC+ is also taking steps to penalize members that exceed their quotas, reinforcing internal discipline. The moves align with Washington’s ongoing push for higher output to contain energy prices. Crude briefly rallied to 2025 highs in June during the Israel-Iran conflict but has since retreated below $70 amid easing geopolitical tensions.

U.S. Tightens Grip on Iranian Oil Trade

In a separate development, the U.S. Treasury announced fresh sanctions targeting a smuggling network linked to Iranian oil exports. The group, led by Iraqi-British national Salim Ahmed Said, allegedly funneled Iranian oil under the guise of Iraqi origin.

These sanctions are designed to cut off Iran’s oil revenues and pressure Tehran over its nuclear program. Tensions escalated after the U.S. struck several Iranian nuclear sites in late June, prompting Iran to halt cooperation with the UN’s atomic watchdog. Nevertheless, diplomatic engagement continues, with new nuclear talks scheduled in Oslo next week, according to Axios.

MJ Gleeson plc (LSE:GLE) released its trading update for the fiscal year 2025, indicating that profits are expected to meet market forecasts despite a tough operating environment. The Gleeson Homes division experienced a modest rise in home sales and better reservation levels, though profit margins were squeezed by external pressures and internal inefficiencies. To address these challenges, the company has initiated ‘Project Transform,’ a strategic reorganization focused on streamlining leadership and strengthening compliance to boost overall performance. Meanwhile, Gleeson Land’s results came in at the lower end of expectations, with some asset disposals postponed until FY2026.

While the housing market remains uncertain, MJ Gleeson maintains a cautiously optimistic outlook, supported by steady sales rates and ongoing improvements in operational processes.

Outlook and Market Sentiment

MJ Gleeson’s forecast is underpinned by consistent financial results and recent insider buying activity. However, prevailing technical indicators and broader market uncertainties suggest investors should remain watchful.

About MJ Gleeson PLC

MJ Gleeson plc operates through two core segments: Gleeson Homes and Gleeson Land. Gleeson Homes specializes in affordable, low-cost housing, targeting buyers such as couples earning the National Living Wage, with homes starting at approximately £100,000. Gleeson Land focuses on acquiring and promoting land for residential development, working closely with planning authorities to unlock value.

Aptamer Group plc (LSE:APTA) has successfully raised £2 million through a share placing aimed at fast-tracking the commercialization of its Optimer® technology and reinforcing its market standing. The capital will be directed towards scaling up manufacturing capabilities, strengthening licensing deals, and launching new services such as biomarker discovery and AI-enhanced aptamer development. This funding boost is expected to enhance supply chain robustness, increase the company’s market credibility, and unlock fresh opportunities in the life sciences arena, positioning Aptamer Group as a global innovator in aptamer technology.

While the company currently faces financial challenges and negative valuation indicators, these are partially balanced by encouraging technical signals and recent positive corporate milestones. The company’s future success depends on effectively executing its strategic growth plans and improving its financial performance.

About Aptamer Group Plc

Aptamer Group plc is a pioneer in the life sciences sector, developing next-generation synthetic binders through its proprietary Optimer® technology. The company specializes in producing high-affinity, highly specific binding solutions and aims to capture a significant portion of the estimated US$210 billion affinity ligand market. Revenue streams include fee-for-service contracts and licensing, with a focus on expanding intellectual property and advancing its Optimer® platform.

Avation PLC (LSE:AVAP) has provided a trading update confirming steady performance aligned with market expectations. Moody’s recently assigned the company a B1 Corporate Family Rating, reflecting a stable outlook. Growth in the global air travel sector, especially across the Asia-Pacific region, supports Avation’s operations given its focused fleet and customer base in this area.

Although supply chain disruptions have impacted the delivery of new aircraft, Avation continues to uphold strong aircraft valuations and lease rates. The company has also taken strategic steps to optimize its fleet by selling and acquiring aircraft while actively reducing debt. Avation is pursuing financial discipline through share buybacks and exploring refinancing options to strengthen its balance sheet.

The company’s outlook is supported by solid valuation metrics and positive corporate initiatives, along with favorable technical momentum. While operational improvements are evident, revenue fluctuations and leverage levels remain areas to monitor. Ongoing strategic management and a strong market position underpin Avation’s growth prospects.

About Avation PLC

Avation PLC is a Singapore-based commercial aircraft leasing company managing a diverse fleet of widebody, narrowbody, and turboprop jets. It leases aircraft to 16 airlines across 14 countries worldwide. The company is listed on the London Stock Exchange and focuses on global aircraft leasing solutions.

Cel AI Plc (LSE:CLAI) has strengthened its treasury by acquiring Bitcoin valued at approximately USD 678,450.93. This purchase was financed through an early advance provided by OAK Securities, as part of a broader fundraising initiative. The move aligns with Cel AI’s approach to diversify its financial holdings, aiming to hedge against currency depreciation while capitalizing on the growth potential of digital assets.

Despite this strategic step, the company continues to face significant financial hurdles, including ongoing challenges with profitability and cash flow. While technical indicators suggest some positive momentum, volatility and weak valuation metrics temper investor enthusiasm. However, recent corporate developments signal possible upside if new leadership can successfully drive strategic improvements.

About Cel AI Plc

Cel AI Plc operates within the artificial intelligence sector, specializing in deploying AI agents alongside managing a strategic Bitcoin treasury. The company blends AI infrastructure revenues with digital asset management to enhance its competitive position in the market.