Global stocks rallied on Monday, hitting new record highs, on optimism after a hold on the trade war between the U.S. and China.
Markets opened today with high optimist after the U.S. and China agreed to freeze the imposition following a weekend summit in Washington.
The U.S. and China made “meaningful progress” during this month’s trade talks, said US treasury secretary Steven Mnuchin told CNBC on Monday.
US exports to China will increased “significantly” going forwards, he added.
Trump said Beijing had agreed to cut the U.S. trade deficit with China, but there were not many details about how this will happen.
Euro STOXX 600 gained 0.26 percent to 395.65 points.
UK FTSE 100 index edged up 0.66 percent to a record high of 7,830.48, France’s CAC 40 climbed 0.50 percent to 5,642.85.
Yet, Germany’s DAX 30 subtracted 0.28 percent to 13,077.72.
The overall improvement in the sentiment has boosted demand on risky assets at the expense of safe havens.
The dollar rose to a peak of 111.39 versus the yen, the highest level since January 18, while the dollar index strengthened to a five-month high of 93.95 but snapped most of the gains to 93.64.
Gold slipped to a low of $1282.06, whilst currently trading at $1287.48.