This is CNBC's live blog covering European financial markets.

Spot gold prices are up by around 1.5% ahead of the stock market open at $3,337 an ounce, the highest level for a week.

The market safe haven may be holding more appeal as investors ponder whether U.S. President Donald Trump will take even more aggressive tariff action against certain countries and sectors, and as fighting escalates in the Russia-Ukraine war.

Oil prices are also gaining — ICE Brent Crude futures with August expiry are trading 2.29% higher at $64.22 per barrel. Producer association OPEC+ on Saturday announced a supply increase of 411,000 barrels per day for July, similar to its hikes in May and June.

ING strategists Warren Patterson and Ewa Manthey said in a Monday note that prices may nonetheless be rallying because there were suggestions the supply increase could have been even bigger.

— Jenni Reid

French pharmaceutical group Sanofi announced this morning that it will acquire Massachusetts-based Blueprint Medicines Corporation for an equity value of $9.1 billion, a move to expand its portfolio in rare immunological diseases.

Key to the deal is the drug Ayvakit/Ayvakyt, which has been approved in the U.S. and EU and is used to treat advanced and indolent systemic mastocytosis.

— Jenni Reid

Good morning from London, where futures data from IG suggest stock markets will nudge higher at the open — following declines in France, Germany and Italy.

U.S. tariffs will be in focus yet again this week, after President Donald Trump said Friday that he will double tariffs on steel imports from 25% to 50% on June 4. The European Union criticized the move over the weekend, saying it undermines wider trade negotiations and will lead to higher costs for businesses and consumers on both sides of the Atlantic.

Investors will also be monitoring any developments in trade talks between the U.S. and China, which soured last week. National Economic Council director Kevin Hassett suggested Sunday that Trump and China's President Xi Jinping could have a conversation as soon as this week.

— Jenni Reid

China on Monday refuted Washington's claims that it had broken the Geneva trade agreement, instead accusing the U.S. for breaching deal terms, signaling talks between the worlds top two economies have taken a turn for the worse.

Trade frictions between Washington and Beijing have flared up after a hiatus following a meeting between U.S. Treasury Secretary Scott Bessent and his Chinese counterpart He Lifeng in Geneva, Switzerland, that had led them to suspend most tariffs on each other goods for 90 days.

The Trump administration has ratcheted up export restrictions on semiconductor design software and chemicals to China, while announcing it would revoke visas for Chinese students, drawing ire from Beijing.

Read the full story here.

—Anniek Bao