And finally, Spotify has closed at $149 per share.

That’s a drop from its opening level of $165.9, but still 13% above the ‘reference price’ of $132.

That values Spotify at around $26.6bn, more than some analysts had suggested before today’s listing.

Here’s our tale of the latest tech float:

Goodnight! GW

A recovery rally on Wall Street has helped the US stock market recover a chunk of Monday’s falls.

The Dow Jones industrial average has closed 1.65% higher, up 389 points at 24,033 - having lost over 450 points yesterday.

Traders were encouraged by reports that the White House was not planning action against Amazon.

The BBC’s Danni Hewson is impressed by the streaming service’s opening debut:

Bloomberg’s Alex Webb points out that Spotify is now worth more than some established players (despite having never made a profit!)

AT LAST! Spotify is finally trading, after more than three hours of intense discussions on the Wall Street trading floor.

Shares have opened for trading at $165.90, sharply higher than the $132 which had been suggested.

That, by my maths, values Spotify at around $29.5bn.

I imagine the company should be pretty pleased - this is a sharp jump on the value of its shares earlier this year (when they could only be traded privately between shareholders).

After a edgy day, European stock markets have closed mostly in the red.

The escalation of tensions between China and the US over tariffs hit sentiment in the City, and beyond, as traders returned to their desks after the Easter break.

Anxiety over the tech sector also weighed on shares, despite the interest in Spotify’s listing in New York, and Tesla’s upbeat statement.

The slowdown in eurozone factory growth last month also didn’t provide traders with any fresh optimism.

So, the FTSE 100 finished 26 points lower, or 0.4%, at 7,030. Germany’s DAX shed almost 0.7%, but France was calmer and Italy actually rallied a little.

Jasper Lawler, head of research at London Capital Group, thinks Europe could be a safe-haven from some of the turbulence in America’s markets.

It was a rough start to the second quarter for European equities. Still, next to the losses seen on Wall Street on Monday, the damage in Europe was contained.

Europe is out of the firing line for Trump’s tariffs for now and has a lower weighting in technology companies compared to the US. Both factors make Europe a relative haven from the current negative news flow.

Just in: Electric carmaker Tesla has just released its latest eagerly-awaited production figures, which confirm rumours that it has missed some of its own targets.

Tesla says it produced 34,494 vehicles in the last three months, 40% more than the final quarter of 2017. This makes January-March “by far the most productive quarter in Tesla history”, it says.

This includes 9,766 Model 3s (Tesla’s new model), and 24,728 were Model S and Model X vehicles.

Tesla also reveals that it has ramped up production recently -- amid reports that founder Elon Musk has taken personal control of car output in recent days (and even been sleeping at the factory).

The company says:

In the past seven days, Tesla produced 2,020 Model 3 vehicles. In the next seven days, we expect to produce 2,000 Model S and X vehicles and 2,000 Model 3 vehicles.

It is a testament to the ability of the Tesla production team that Model 3 volume now exceeds Model S and Model X combined. What took our team five years for S/X, took only nine months for Model 3.

However, Musk had previously aimed to produce 2,500 Tesla 3 cars each week by now. So Tesla hasn’t hit that goal yet.

But crucially, it says it still aims to get production of the ‘3’ model up to 5,000 per week in ‘about’ three months.

Shares are rallying in pre-market trading - up around 6%

New York’s stock market may claw back some of yesterday’s losses when trading resumes in under an hour’s time.

The Dow Jones index is expected to rise by 0.6%, or around 140 points, judging by the futures markets. That would take a small bite out of Monday’s rout, when it lost over 450 points (and was down 730 points at one stage).

Craig Erlam of City firm OANDA says the markets are still nervous, though:

The second quarter got off to a rough start on Monday, with trade war fears and declining tech stocks taking their toll on investor sentiment, but we are seeing a small rebound ahead of the open on Wall Street.

US futures are up to half a percentage point higher on Tuesday, but this pales in comparison to the losses recorded on Monday and reflects ongoing weakness in stocks. Donald Trump’s attacks on Amazon over the weekend put the spotlight back on the tech sector, as it tries to recover from the Facebook data scandal that threatens more regulation. Pressure on the sector doesn’t appear to be going away in the near-term which will continue to act as a drag on indices.

Sky is bucking today’s selloff, after a cunning scheme to help Rupert Murdoch take full control of the broadcaster emerged.

Disney has ‘expressed interest’ in buying Sky News, a move that might clear the way for Murdoch’s 21st Century Fox company take control of the 61% of Sky’s shares it doesn’t already own.

21CF’s bid has been hit by media plurality concerns - given Murdoch’s strong position in UK media (including owning the Times and Sun newspapers). But those worries might abate, if Sky News wasn’t part of the package.

Jolly decent of Disney to offer to help, eh? Not exactly. The US giant has its own motive - namely to take over Fox (including all of Sky) in a $66bn (£47bn) deal. That takeover risks being derailed because Comcast recently launched its own takeover offer for Sky.

Sky shares have risen to the top of the FTSE 100 leaderboard, up 1.5% at £13.15. That’s higher than either Comcast’s offer (£12.50) or Fox’s (£10.75), suggesting traders expect a higher bid.

City firm Liberum expects Fox to strike back:

We think the news and today’s comments from Sky point to a revised bid from Fox/Disney to trump Comcast’s 1250p bid.

More here:

It’s hardly unusual for Donald Trump to lash out on Twitter -- as Hillary Clinton, CNN, the FBI, several senators and the Mexican government can all testify.

But still, his trenchant criticism of Amazon in recent days has caused a real stir in the markets for several reasons, helping to fuel this week’s market selloff.

Partly, because Trump is taking the side of the old-economy - tweeting that America’s “fully tax paying retailers” are being forced to shut stores because (he claims) Amazon is getting an unfairly good deal.

Politifact, a US website, has debunked Trump’s claim that the US Postal Service is losing money thanks to Amazon. It says:

Amazon isn’t causing the United States Postal Service to lose a fortune. In fact, it’s contributing to its biggest growth sector, package delivery. Deals like the one with Amazon brought in $7 billion in fiscal year 2017.

But still, the US president’s comments suggest that other tech disruptors could also come under fire -- especially if changes are made to the US tax system to help traditional retailers.

That’s not the only concern. Some industry figures are concerned that Amazon (whose shares fell 5% yesterday) is being hammered because its founder, Jeff Bezos, also owns the Washington Post.

Vanity Fair’s Gabriel Sherman is reporting that Trump is firmly focused on Bezos, thanks to the Post’s criticism of his presidency:

Sherman says:

He’s off the hook on this. It’s war,” one source told me.

“He gets obsessed with something, and now he’s obsessed with Bezos,” said another source. “Trump is like, how can I fuck with him?”

That sort of behaviour will unnerve Wall Street, as investors try to judge where to place their money.

It’s also unusual to see politicians try to settle scores so publicly. Paul Donovan, UBS’s chief global economist, fears that such ‘random’ attacks could undermine faith in the ‘rule of law’.

Growth across Europe’s factory sector has hit an eight-month low, as the recent ‘euro boom’ falters.

The eurozone manufacturing PMI, which tracks activity across the sector, dropped to 56.6 in March, down from 58.6 in February. This is the third monthly drop in a row, but it still signals solid growth (50 points would show stagnation).

Factory bosses reported that output, new orders and new exports grew at a slower rate last month. They also reported problems getting hold of the raw materials and parts they needed, as supply chains struggled to cope.

Chris Williamson, chief business economist at IHS Markit, is concerned that business confidence also dipped last month.

The fact that business optimism about the coming year has slipped to a 15-month low suggests there are other factors that are now hitting factory order books. Export growth has more than halved since late last year, linked in part to the appreciation of the euro, and in some cases demand is being stymied by higher prices.

Britain’s stock market has fallen sharply at the start of trading.

The FTSE 100 shed 54 points, or 0,7%, to 7001 points, as traders take their cue from yesterday’s slide on Wall Street.

The US president appears to have unnerved the markets, with his trade war rhetoric and attacks on Amazon.

Hussein Sayed, chief market strategist at FXTM, explains:

The fall in tech stocks and escalating trade tensions continued to rattle markets after the Easter break.

This time, it’s Trump’s tariffs and tech stocks driving the selloff, and I don’t think the U.S. President is doing himself any favors before the midterm elections. Beijing’s response hasn’t been aggressive, by imposing levies on $3 billion worth of imports from the U.S.; the question now is - what’s next?

A tariff ‘tit for tat’ is a lose-lose scenario. So, it’s likely that after this war of nerves, the world’s two largest economies will find a middle ground. Markets should get used to Trump’s negotiating style - kicking off with something dramatic, and then scaling down through negotiation.

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Fresh worries over a global trade war are rippling through the markets today, after China hit back against America’s tariffs on steel and aluminium by targeting imports of food, wine, steel and even ginseng.

The news that Beijing is imposing its own tariffs of up to 25% on more than 120 US products sparked a selloff on Wall Street last night, sending the S&P into correction territory.

The Dow plunged by over 700 points at one stage, before ending the day 458 points lower.

With Donald Trump expected to announce new curbs on China soon, traders are worried that this tit-for-tat action could escalate.

As David Madden of CMC Markets explains:

Beijing decided to impose levies on approximately $3 billion worth of goods from the US. In the grand scheme of things, China’s response hasn’t been too aggressive, but dealers fear we could be starting a long trade war.

The ball is now in Trump’s in court, and traders are waiting for the US President to make the next move.

European markets were closed yesterday for Easter Monday, so we’re expecting losses of almost 1% on the main indices this morning.

Trump has also put the technology sector into a spin, after sending a series of tweets criticising Amazon for avoiding taxes and not paying the US Post Office a fair rate.

Amazon’s share price tanked by over 5% on Monday, on concerns that the e-commerce giant is firmly in Trump’s firing line.

Music streaming site Spotify will hope to ride out the market choppiness, when it lists its shares on the New York stock exchange for the first time. Spotify has taken the refreshing decision not to employ investment banks to underwrite its listing, so the launch could be more volatile than usual.

We also get a new healthcheck on Europe’s factory sector:

The agenda

• 9am BST: Eurozone manufacturing PMI survey for March
  
• 9.30am BST: UK manufacturing PMI survey for March
  
• 2.30pm BST: Spotify joins the US stock market