European stocks set to follow global markets higher, buoyed by U.S.-China trade deal
This is CNBC’s live blog covering European markets.European markets are expected to start the new trading week on a positive note following the White House’s announcement that it had reached a “trade deal” with China, despite few details being known about the agreement.The U.K.’s FTSE 100 index is expected to open 35 points higher at 8,586, Germany’s DAX up 192 points at 23,688, France’s CAC 70 points higher at 7,785 and Italy’s FTSE MIB 366 points higher at 39,139, according to data from IG. It’s a quiet data for corporate and data releases although Unicredit releases its latest earnings on Monday.European markets are set to follow their global counterparts higher on Monday after the Trump administration announced a “trade deal” with China following negotiations over the weekend in Switzerland.Both countries alluded to a positive conclusion of the high-stakes talks, with U.S. officials touting a deal to reduce its trade deficit with China, while Chinese officials said that they had arrived at an “important consensus.” A joint statement on the deal is expected to be released on Monday.U.S. stock futures jumped Sunday night and Asia-Pacific markets rose as a result of the comments.— CNBC’s Amala Balakrishner contributed reporting to this market summaryBitcoin falls, but remains above $100,000 thresholdBitcoin slid on Monday, but continued to hold steady above the $100,000 threshold.The cryptocurrency was down 0.42% to $103,859.94 as of 11.39 a.m. Singapore time.The latest move is a reversal from its fast gains in the last week, which pushed investors to forecast that it will soon hit its record high of $109,000, which happened at the end of January.— Amala BalakrishnerSpot gold sinks as investors cheer progress in U.S.-China trade talksSpot gold plunged Monday as investors cheered early signs of progress in trade talks between the U.S. and China.As at 9.20 a.m. Singapore time, the bullion was trading 1.85% lower at $3,262.29 per ounce.The latest moves in the precious metal — which is a traditional hedge against political and financial instability — is a reversal from the 2.6% gain it notched the week before as investors sought refuge in it.— Amala BalakrishnerEuropean markets: Here are the opening callsEuropean markets are expected to start the new trading week on a positive note.The U.K.’s FTSE 100 index is expected to open 35 points higher at 8,586, Germany’s DAX up 192 points at 23,688, France’s CAC 70 points higher at 7,785 and Italy’s FTSE MIB 366 points higher at 39,139, according to data from IG.Earnings come from Unicredit on Monday.— Holly Ellyatt
