That's it from me today! Head over to our US site for more market moving news.

Axel Rudolph, senior technical analyst at online trading platform IG, said:

Vicky McKeever writes:

In Europe, German luxury carmaker Porsche (P911.DE) reported a fall in sales in the first quarter, led by China.

Deliveries worldwide fell 8% to 71,470, with 42% drop in China and a 34% fall in Germany. However, sales in North America rose 37% to 20,698 units.

Porsche (P911.DE) said that one of the main reasons for the decline in China remained the "continuing tense economic situation" in this market.

These figures come as automakers await the impact of Trump's 25% tariffs on cars imported into the US, which came into effect last week.

North America is a key market for Porsche (P911.DE), though the company does not have any manufacturing locations in the US.

A sample of what chancellor Rachel Reeves said today on tariffs:

Shares in US denim company Levi Strauss (LEVI) jumped nearly 11% in pre-market trading on Tuesday, after the company's first quarter results beat expectations.

Net revenues were up 3% to $1.5bn (£1.2bn) in the first quarter, while adjusted diluted earnings per share came in at $0.38, versus $0.25 for the same period last year.

Michelle Gass, CEO of Levis Strauss (LEVI), said: "We exceeded revenue and profitability expectations in Q1 marking a strong start to the year, another proof point that our transformation strategy is working."

The company maintained its full-year guidance for 2025, other than to reflect its Dockers business as a discontinued operation, though this did not include the impact from the tariffs.

In an earnings call on Monday, Levi Strauss (LEVI) chief financial officer Harmit Singh, said: "Given that the situation is fluid and unprecedented, the impacts are uncertain. We are in the process of scenario planning and determining different mitigation strategies. We recognise this is a quickly evolving macro situation and we have to see where the dust settles to give you the guidance that is going to be as helpful to you as possible."

Shares in US Steel (X) surged 16% on Monday on the news that Trump had ordered a review of the company's blocked deal with Japan's Nippon Steel (5401.T).

In early January, then-president Joe Biden issued an order prohibiting the acquisition of US Steel (X) by Nippon Steel (5401.T) in early January, over national security concerns.

A memo issued by the White House on Monday said the president had directed the committee on foreign investment in the US to conduct a review of the proposed acquisition to determine if "further action" may be appropriate.

According to the memo, the review would include "identifying potential national security risks associated with the proposed transaction and providing adequate opportunity to the parties to respond to such concerns".

Pedro Goncalves writes:

Gold prices rebounded on Tuesday from a near four-week low reached in the previous session, as escalating concerns over a global trade conflict spurred heightened demand for safe-haven assets.

Gold futures climbed 1.8% to $3,028.00 per ounce at the time of writing, while the spot price rose 0.1% to $3,012.76 an ounce.

“Escalation of the trade war could trigger a global recession, and that is driving safe-haven demand,” said a senior analyst at Reliance Securities, Jigar Trivedi.

“Despite slipping in the previous sessions, gold is still strong and should remain on the upward trend” because of the bullish undertone.

The resurgence of gold’s safe-haven appeal was triggered by Trump’s threat on Monday to impose an additional 50% tariff on Chinese imports unless Beijing rolled back its recent 34% hike on US goods. This aggressive stance reignited fears of a full-blown trade war, prompting investors to seek refuge in gold.

Gold, historically viewed as a hedge during times of political and financial instability, reached an all-time high of $3,167.57 per ounce on April 3. The precious metal is up approximately 15% year-to-date.

Read more on Yahoo Finance UK

Russ Mould, investment director at AJ Bell, said:

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This morning the Chinese yuan has fallen to its lowest level against the dollar since September 2023. The currency dipped after the People's Bank of China (PBOC) lowered its target rate for it to 7.2038/dollar.

A weaker currency makes trading with China cheaper for countries working in currencies it has weakened against.

From this morning's London Playbook (c/o Sam Blewett and Bethany Dawson):

Chris Beauchamp, chief market analyst at online trading platform IG, said:

US stock futures pointed up Monday evening as investors took stock after a chaotic day on Wall Street.

Futures tied to the S&P 500 (ES=F) were up 0.5%, and those on the tech-heavy Nasdaq (NQ=F) rose 0.5%. Dow Jones Industrial Average futures (YM=F) were up 0.7%.

Markets are assessing the latest fallout from President Trump's fast-moving tariff plans, which led to a roller-coaster session on Monday. In the end, the Dow (^DJI) sank 350 points, leading the way down, while the S&P 500 (^GSPC) cemented a three-day loss percentage loss that rivaled episodes from sell-offs during the pandemic and 2008 financial crisis.

Hi! Lucy Harley-Mckeown here. Ready to bring you the latest news on what's moving markets around the world.

This morning there are fewer events on the calendar, so market-watchers will be looking to signals by leaders like president Donald Trump on potential changes in tariff and trade policy.

Let's get to it.