Europe open: Shares surge on US-China trade truce

(Sharecast News) - European equities surged on Monday as the US and China agreed to slash tariffs on each other for 90 days after weekend talks in Switzerland to avert a major trade war. US Treasury Secretary Scott Bessent said "both sides will move their tariffs down by 115%" as a truce was agreed.

The pan-regional Stoxx 600 was up more than 1% in early deals at 543 points with all major continental bourses following suit.

China's Vice-Premier He Lifeng earlier said said Beijing and Washington had agreed to a new "trade consultation mechanism".

Markets went into freefall last month after US President Donald Trump slapped tariffs of 145% on China, which retaliated with 125% tariffs of its own.

Brent crude soared by 3% to just below $66 a barrel on the news.

In equity news, shares in shipping giant AP Moeller Maersk jumped more than 10% on hopes that global trade would pick up as a result of the US-China agreement.

Cranswick shares fell sharply after the food producer was forced to suspend staff at one of its pig farms in response to an undercover investigation by animal rights acts activists and reported by the Guardian newspaper revealing allegedly brutality towards pigs being reared for consumption via major UK supermarkets.

Reporting by Frank Prenesti for Sharecast.com