1. European Markets Rally On US-China Trade Truce
European stocks started the day higher on Monday morning, after President Donald Trump and President Xi Jinping negotiated a temporary truce to their trade conflict over the weekend. The pan-European Stoxx 600 was up around 1.2 percent shortly after the opening bell, with most sectors and major bourses in positive territory. Market focus will be largely attuned to global trade developments this week, after Washington and Beijing effectively agreed to pause their trade war and work toward a more comprehensive pact. Trump and Xi reached the cease-fire over a working dinner in Buenos Aires on Saturday evening.*
2. Gold Prices Rally On Weak Dollar
Gold prices gained early on Monday on a weaker dollar as a trade ceasefire between the United States and China revived investor demand for riskier assets. Washington and Beijing agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks. Spot gold futures were last seen at $1236.30, u 0.84 percent at per ounce at 8:00 GMT.**
3. Oil Prices Up 5 Percent On U.S.-China Trade War Ceasefire
Oil prices soared in early Monday trading after the United States and China agreed to a temporary trade war truce. Prices were also boosted by an upcoming OPEC meeting that is expected to result in a supply cut. Specifically U.S. West Texas Intermediate (USOIL) crude futures were last at $53.51 per barrel at 8:15 GMT, up $2.59 per barrel, or 5.1 percent from their last close. International Brent crude oil futures (CL_BRENT) were up $2.91 per barrel, or 4.9 percent, at $62.34 a barrel.***
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*Source: Reuters Dec 3, 2018 2:48 AM ET
**Source: CNBC Dec 3, 2018 5:53 AM ET
***Source: Reuters Dec 3, 2018 03:07 AM ET
