European stocks set to open higher, brushing off Trump's unwieldy tariffs regime

Good morning, here are the opening calls

Good morning from a sunny and summery London, and welcome to CNBC's live blog covering all the action and business news in European financial markets on Thursday.

Futures data from IG suggests regional markets will open higher, with London's FTSE 100 expected to open 34 points higher at 8,902, Germany's DAX up 60 points at 24,580 and France's CAC 40 up 19 points at 7,897. Italy's FTSE MIB is seen opening 60 points higher at 40,934.

Global markets have been focused on one thing this week: the increasingly unwieldy U.S. trade tariffs regime.

On Wednesday, U.S. President Donald Trump sent letters dictating new U.S. tariff rates on at least seven more countries' imports, having already sent letters to 14 other countries earlier this week that laid out punitive duties.

He also announced late Wednesday a 50% tariff on Brazil partly in retaliation against the current trial against former Brazilian President Jair Bolsonaro for his role in an alleged attempt to overturn the country's 2022 election results.

Trump on Tuesday announced a 50% levy on copper imports, which will begin on Aug.1, and signaled that more sector-specific tariffs will come soon. He also threatened to impose tariffs of up to 200% on pharmaceutical exports into the U.S., but said that he will “give people about a year, year and a half” until the duties go into effect.

Here are the countries hit with U.S. tariffs this week

President Donald Trumpon Wednesday sent letters dictating new U.S. tariff rates on at least seven more countries' imports, having sent similar letters to 14 other nations earlier this week.

The latest letters, revealed by Trump via Truth Social screenshots, were sent to the leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Libya and Sri Lanka. The letters note that the U.S. will “perhaps” consider adjusting the new duties, “depending on our relationship with your Country.”

This chart shows the old and new tariff rates, which will take effect on Aug. 1, and which countries are affected.