Dubai Telegraph - European stocks, dollar firm as US tariff deadline looms

Oil prices rose, even if OPEC and its allies agreed over the weekend to increase output more than expected.

"Tariff threats look likely to take centre stage yet again this week, following further developments over the weekend," noted Richard Hunter, head of markets at Interactive Investor.

Trump announced he would send the first tariff letters to various countries on Monday ahead of his deadline Wednesday for trading partners to reach a deal expires.

He warned that US levies on imports will snap back to the high levels he set in April if countries failed to make agreements.

Treasury Secretary Scott Bessent said, however, that the measures would not be applied until August 1.

While the White House has said several deals were in the pipeline, only two have been finalised ahead of the July 9 cut-off set by Trump.

Governments from major trading partners including Japan, India, the European Union and South Korea have fought for the past three months to get agreements.

Uncertainty prevails, with Trump declaring that an extra 10 percent import levy would be added to any country "aligning themselves with the Anti-American policies of BRICS" -- an 11-member alliance including Brazil, Russia, India and China.

Despite the tariff uncertainty, official data Monday showed German industrial production rose strongly in May, boosting hopes that Europe's top economy has turned a corner.

The news helped to lift German equities more than in London and Paris.

Asia's main stock markets mostly steadied.

- OPEC+ hike -

The oil market was also in focus after Saudi Arabia, Russia and six other key members of the OPEC+ alliance said they would increase oil output in August by 548,000 barrels per day, more than expected.

The group said in a statement that "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories" led to the decision.

Shares in Shell dropped 3.2 percent around midday after the British energy giant posted a weak trading update.

- Key figures at around 1040 GMT -

London - FTSE 100: UP 0.1 percent at 8,828.24 points

Paris - CAC 40: UP 0.1 percent at 7,704.63

Frankfurt - DAX: UP 0.7 percent at 23,944.13

Tokyo - Nikkei 225: DOWN 0.6 percent at 39,587.68 (close)

Hong Kong - Hang Seng Index: DOWN 0.1 percent at 23,887.83 (close)

Shanghai - Composite: FLAT at 3,473.13 (close)

New York: Closed for a public holiday

Euro/dollar: DOWN at $1.1726 from $1.1783 on Friday

Pound/dollar: DOWN at $1.3598 from $1.3641

Dollar/yen: UP at 145.46 yen from 144.53 yen

Euro/pound: DOWN at 86.35 pence from 86.37 pence

Brent North Sea Crude: UP 0.7 percent at $68.75 per barrel

West Texas Intermediate: UP 0.1 percent at $67.08 per barrel

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Y.Amjad--DT