UK retailers gloomy, while tunnel to connect A2 and M2 in Kent to the A13 and M25 in Essex has been approved.

• Lower Thames Crossing plan for Essex and Kent approved by government

European stock markets are higher this morning, as investors cling to hopes that Donald Trump’s plan to impose reciprocal tariffs on trading partners could be more targetted than feared.

The pan-European Stoxx 600 index has gained 0.57% this morning, with gains on the German DAX (+0.5%), French CAC (+0.9%) and Italian FTSE MIB (+0.7%).

US markets are beginning to show some belief that President Trump’s strong arm negotiating tactics on tariffs might not be quite as punitive for the US economy as feared.

There are growing hopes that if they are more targeted, as rumoured, they might helpshore up domestic industry, while securing better terms for the US on the global trading stage.

Tesla currently faces a number of challenges in Europe, ahead of the launch of its new Model Y mid-size SUV this month. The EV maker has a smaller, ageing lineup while traditional automaker rivals and new Chinese entrants alike continue to launch new, often cheaper electric models.

Musk, the company’s CEO, has also stirred controversy by courting far-right parties in Europe, which has added to Tesla’s sales slump.