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Global indexes are rising on the back of a significant de-escalation in the U.S.-China trade dispute.
As of 4 a.m. ET, S&P 500 futures were up 2.6 percent, Dow Jones futures up 2.0 percent and the tech-heavy Nasdaq up 3.4 percent.
Speaking from Switzerland on Monday morning, U.S. Treasury Secretary Scott Bessent announced that China and the U.S. had agreed to a 90-day pause on their reciprocal tariffs, “and substantially moved down the tariff levels.” Bessent said that both countries had agreed to cut their tariffs on the other’s imports by “115 percent.”
Chinese stocks rose on the news. The Shanghai Composite increased 0.8 percent on Monday, while the Hang Seng Index and MSCI China gained 3.0 percent and 3.1 percent, respectively.
The Euro Stoxx 50 was up 1.7 percent in early trading, with similar gains made by the Stoxx Europe 600, up 0.7 percent. The FTSE 100 was trading marginally higher as markets opened.
This is a developing story and will be updated.
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