The German stock index DAX broke its 2007 record, as markets are showing signs that a global recovery is catching on. In New York, the DOW followed suit, ending the day at a new record high.
The EU has officially imposed tariffs on US jeans, motorbikes, bourbon and other items in response to a similar move from the US. The measures have some experts worried the world could be heading toward a trade war.
US President Donald Trump has threatened new tariffs on Chinese imports, raising fears of an escalating trade war. Trump threatened further sanctions should China — which accuses the US of "blackmail" — retaliate.
After more than a century in the US blue-chip stocks index, the slumping industrial giant will lose its place to pharmacy chain Walgreens Boots in a shift highlighting the fundamental change in the US economy.
The euro has fallen to its lowest value against the dollar in almost a year. Investors fear Italy is heading toward fresh elections by the end of the summer, after populist parties there failed to form a government.
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