In Europe, the Stoxx Europe 600 index remained flat during morning trading, masking significant volatility among individual constituents. Real estate firms saw gains, with SEGRO jumping 15.7% and Tritax Big Box REIT adding 5.3%. Conversely, defense stocks faced pressure; Rheinmetall shares tumbled 13.4%, and Hensoldt retreated 6.1%. France’s CAC 40 index managed a 0.3% gain, while Germany’s DAX slipped 0.6%.

Across the Atlantic, U.S. equity futures signaled a cautious start, with the S&P 500 up 0.1% and the Dow Jones Industrial Average down 0.1%. Currency markets showed modest movement, as The Wall Street Journal Dollar Index rose 0.1% to 97.7. Meanwhile, bond markets saw a slight cooling of yields, with the 10-year U.S. Treasury falling 2 basis points to 4.485% and the German 10-year Bund yield dropping 1 basis point to 2.912%.

Asian markets mirrored this lack of clear direction. Japan’s Nikkei 225 declined 0.9%, trailing behind the Hang Seng in Hong Kong, which climbed 0.4%, and China’s Shanghai Composite, which eked out a 0.1% gain. Commodity markets mirrored the broader indecision, with WTI crude down 1.2% to $72.31 and European natural gas futures settling at 41.88 euros per megawatt hour.