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On the French bourse, shares in Sanofi (SAN.PA) were nearly 1% in the red after the pharmaceuticals firm announced it had agreed to buy US biopharma group Blueprint Medicines (BPMC) for up to $9.5bn (£7.02bn).

Blueprint specialises in systemic mastocytosis (SM), a rare immunological disease, and other conditions driven by alterations in the KIT gene. Sanofi's acquisition includes Ayvakit/Ayvakyt, which is the only approved medicine for advanced and indolent systemic mastocytosis.

Sanofi said it expects the acquisition to complete in the third quarter of 2025, subject to certain conditions.

Paul Hudson, CEO of Sanofi, said: "The proposed acquisition of Blueprint Medicines represents a strategic step forward in our rare and immunology portfolios. It enhances our pipeline and accelerates our transformation into the world's leading immunology company.

"This acquisition is fully aligned with our strategic intent to strengthen our existing therapeutic areas, to bring relevant and differentiated medicines to patients and to secure attractive returns to our shareholders."

Gold prices also jumped on Monday morning, as the latest escalation in the Russia-Ukraine conflict and tariff concerns helped drive demand for the precious metal as a safe-haven investment.

Gold futures (GC=F) were up 1.9% at $3,379.50 per ounce at the time of writing, while the spot gold price climbed 1.9% to $3,352.32 per ounce.

Investors have been flocking to the yellow metal as it is considered to act as a hedge in times of political and economic uncertainty.

On Friday evening, US president Donald Trump announced that tariffs on imports of steel and aluminium would be doubled to 50% on Wednesday.

Deutsche Bank's Reid said: "It is really hard to keep up or predict what's going to happen on trade at the moment, and that's before we factor in the full ramifications from the court ruling last Thursday night, and then the subsequent brief stay of execution for them on appeal."

The US Court of International Trade last week ruled that Trump exceeded his authority when he used an emergency law to issue global reciprocal tariffs on US trading partners. However, an appeals court then ruled that the tariffs could remain in place for now.

"For now it seems likely that the tariff uncertainty will linger for a long time ahead even if we're still likely past the peak aggressiveness of US policy," said Reid.

In addition, Trump on Friday accused China of violating its trade truce with the US. Trump said in a post on his social media platform, Truth Social: "The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US."

On Monday, China responded by saying that the US had "severely violated" the terms of their recent trade truce.

Reid said that the "surprisingly positive agreement between China and the US on tariffs on May 12th now seems a more distant memory."

Read more on Yahoo Finance UK

Yahoo Finance UK's Pedro Goncalves writes:

The number of mortgages approved by UK lenders for home purchases dropped more than anticipated in April as the end of a tax break on stamp duty cooled demand, according to data from the Bank of England.

Net residential mortgage approvals fell for the third consecutive month, declining by 3,100 to 60,500, below economists' expectations. In contrast, remortgaging activity picked up, with approvals for switching to a new lender rising by 1,600 to 35,300 in April, following a similar increase the previous month, according to the BoE's Money and Credit report.

A stamp duty holiday ended in March, with recent figures showing there was a stampede to get sales over the line before the deadline, followed by a transactions dip.

HM Revenue and Customs (HMRC) figures published last week showed an estimated 64,680 house sales took place in April – 64% lower than the 177,440 reported in March.

The study indicated the figures had been affected by changes to stamp duty rates which apply in England and Northern Ireland.

Read more on Yahoo Finance UK

Yahoo Finance UK's Vicky McKeever writes:

Oil prices surged on Monday morning, after the Organization of the Petroleum Exporting Countries and its allies – known as OPEC+ – announced an increase to output for July that was in line with expectations.

Brent crude futures (BZ=F) jumped 2.6% to $64.39 a barrel, at the time of writing, while West Texas Intermediate futures (CL=F) were up 3% at $62.63 a barrel.

OPEC+ said in a statement on Saturday that its eight participating countries had agreed to increase output by 411,000 barrels per day.

Jim Reid, a market strategist at Deutsche Bank, said: "An increase of this magnitude was flagged on the wires on Friday afternoon and there was some prospect of it being higher than this.

He said that oil futures were higher on Monday morning "in a relief that the output increase wasn't higher."

ING's head of commodities strategy, Warren Patterson, and commodities strategist Ewa Manthey said: "The latest increase is in line with our expectations. We’re also assuming that OPEC+ will continue with these large supply hikes.

"Rising tensions between Russia and Ukraine added further support to the market this morning. Ukraine carried out large-scale drone attacks on several Russian airfields, which comes ahead of peace talks between Russia and Ukraine this week. In addition, some US senators are pushing for harder sanctions against Russia, with a proposal to impose 500% tariffs on imports from countries that buy Russian oil.

"While president Trump appears to be increasingly frustrated with president Putin, he’s so far been reluctant to impose additional sanctions. Actions that successfully target Russian oil flows will change the outlook for the oil market drastically."

Anglo American (AAL.L) is a bit lower this morning follow news of the Valterra move

Russ Mould, investment director at AJ Bell, said:

Fhaheen Khan, senior economist at trade body Make UK, said:

According to the S&P Global manufacturing PMI:

• Manufacturing PMI at 46.4 in May (any reading below 50 indicates contraction)

• Domestic and overseas market conditions remain turbulent

• Input cost and selling price inflation both ease

Rob Dobson, Director at S&P Global Market Intelligence said:

Drug maker Indivior (INDV.L) has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US.

However, the LSE welcomes Anglo-American’s (AAL.L) platinum spin-off Valterra (VALT.L) after becoming independent from the mining giant.

Indivior’s exit comes after the company moved its primary listing to the US’s Nasdaq index (^IXIC) last year.

It said cancelling the secondary listing in London eliminates “cost and complexity” and better reflects the business – with more than 80% of its revenues generated in the US.

It also said liquidity on the Nasdaq now “far outweighs” that of the LSE with a greater level of trading.

The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2bn.

“A single primary listing on Nasdaq best reflects the profile of Indivior’s business,” chairman David Wheadon said.

Here's Yahoo Finance UK's Pedro Goncalves' full take on UK house prices:

Views from the market:

Jonathan Hopper, CEO of Garrington Property Finders, said:

CEO of Yopa, Verona Frankish, said:

Tony Redondo, founder at Cosmos Currency Exchange said:

House price growth edged up in May, according to Nationwide. Here are the headlines from their report:

• Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April

• House prices were up 0.5% month on month

• House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas

• The average price in May was £273,427, compared with £270,752 in April.

Robert Gardner, Nationwide's chief economist, said:

Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China.

US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering.

S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%.

The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite.

Read more on Yahoo Finance

Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day.

We have a few diary items to start us off:

• PMI releases for the EU, UK and US

• Nationwide's house price index

• The monthly money and credit report from the Bank of England

In the US, corporate results from Campbell Soup (CPB).

Let's get to it.