The European Union is facing a higher 15% tariff rate on its goods imported to the U.S. compared to the 10% levy the U.K. has agreed to. "In theory, the UK benefits," Philip Shaw, chief economist at Investec, told CNBC.

Donald Trump may have called it “the biggest of all the deals,” but the EU-US trade pact failed to boost risk appetite in a sign the incremental impact from each new agreement is fading.

Gulf equities were little changed in early trade on Tuesday as investors cautiously greeted a trade agreement between the U.S. and the European Union, while lacklustre second-quarter earnings weighed on sentiment.