Tokyo, Jul 15 (AP) Shares were mostly higher in Europe on Monday following gains in Asian markets despite lingering worries about President Donald Trump's latest updates to his tariffs.

Shares in tech giant Nvidia jumped 5.2 per cent in pre-market trading after its CEO said the Trump administration will let it sell to China its advanced H20 chips used to develop artificial technology.

Germany's DAX gained 0.3 per cent to 24,222.95 and the CAC 40 in Paris was up less than 0.1 per cent at 7,812.14. Britain's FTSE 100 was nearly unchanged at 8,996.90.

The future for the S and P 500 gained 0.4 per cent while that for the Dow Jones Industrial Average slipped 0.1 per cent.

In Asian trading, Japan's benchmark Nikkei 225 rose 0.6 per cent to finish at 39,678.02.

A nationwide election for the upper house of Japan's Parliament, set for Sunday, also added to the wait-and-see attitude among market players. Analysts say the ruling pro-business Liberal Democratic Party may face an uphill battle and will likely need coalition partners, including possibly new ones, to keep its grip on power.

Australia's S and P/ASX 200 added 0.7 per cent to 8,630.30. South Korea's Kospi edged up 0.4 per cent to 3,215.28.

Hong Kong's Hang Seng rose 1.6 per cent to 24,590.12, while the Shanghai Composite dipped 0.4 per cent to 3,505.00, after the government reported that China's economy slowed in the last quarter as Trump's trade war escalated.

Tuesday's data showed the economy expanded at a robust 5.2 per cent annual pace, compared with 5.4 per cent annual growth in January-March. In quarterly terms, the world's second-largest economy expanded by 1.1 per cent, according to government data.

Despite worries about the damage Trump's tariffs may have on the region's exporters, speculation continues that he may ultimately back down on them. They don't take effect until August 1, which leaves time for more negotiations.

On Wall Street Monday, the S and P 500 edged up by 0.1 per cent, the Dow added 0.2 per cent and the Nasdaq composite rose 0.3 per cent.

If Trump were to enact all his proposed tariffs on August 1, they would raise the risk of a recession. That would not only hurt American consumers but also raise the pressure on the US government's debt level relative to the economy's size, particularly after Washington approved big tax cuts that will add to the deficit.

For the time being, the uncertainty around tariffs could help keep markets unsteady. This upcoming week has several potential flashpoints that could shake things up.

The latest reading on inflation across the US comes Tuesday, with economists expecting it to show inflation accelerated to 2.6 per cent last month from 2.4 per cent in May.

Companies are also lining up to report how they performed during the spring. JPMorgan Chase and several other huge banks will report their latest quarterly results Tuesday, followed by Johnson and Johnson on Wednesday and PepsiCo on Thursday.

Fastenal, a distributor of industrial and construction supplies, reported Monday a stronger profit for the latest quarter than analysts expected. Its stock rose 2.9 per cent, though it also said that market conditions remain sluggish.

Shares of Kenvue rose 2.3 per cent in shaky trading after the former division of Johnson and Johnson said CEO Thibaut Mongon is stepping down. Kenvue, the maker of Listerine and Band-Aid brands, is in the midst of a strategic review of its options, “including ways to simplify the company's portfolio and how it operates”, according to board chair Larry Merlo.

Some of the biggest moves in financial markets were for crypto, where bitcoin continues to set records. This upcoming week is Crypto Week in Washington, where Congress will consider several bills to “make America the crypto capital of the world”.

In energy trading, benchmark US crude fell 18 cents to USD 66.80 a barrel. Brent crude, the international standard, declined 9 cents to USD 69.12 a barrel.

In currency trading, the US dollar inched up to 147.73 Japanese yen from 147.72 yen. The euro cost USD 1.1685, up from USD 1.1666. (AP) PY PY

Tariffs uncertainty may disrupt markets as proposed trade measures could elevate recession risk and unsettle investors. Proposed updates to tariffs are driving market uncertainty, affecting tech and exporter stocks and interacting with macro data and corporate reports to increase downside risk; full enactment would elevate recession risk and strain public finances, while near-term economic indicators and earnings create potential flashpoints for renewed volatility.