The news is all about the US-China trade deal that lifted...

The news is all about the US-China trade deal that lifted markets globally.

In Europe, the FTSE rose 50 points (.59%), the DAX rose 67 points (.29%) and the CAC rose 106 points (1.37%).

European pharmaceutical companies dragged the markets down a bit as Trump is now focused on cheaper pharmaceuticals.

rump is also focus on Europe whom he said was "nastier than China".

BoE wants to see more evidence of lower inflation before reducing interest rates again.

In the US, the DOW surged 1,160 points (2.81%), the NBI rose 165 points (4.23%), the NASDAQ Composite rose 779 points (4.35%) and the Russell small cap index rose 69 points (3.42%).

Big mover was the US-China trade deal over the week end which saw a 90 day reduction of 115% on tariffs. Basically back to pre "Independence Day" levels.

US Fed warns that Trump tariffs will push up prices and lower incomes.

US April CPI figures out tomorrow which should reflect the first impact of tariff.

US Treasury 10 year bond yield rose to 4.423%.

Oil prices rose - Brent crude at US$64.91 per barrel.

Gold price fell to US$3,234 per oz.

BITCOIN slipped to US$102,564.

Federal Reserve governor Adriana Kugler said Monday that steeper tariffs will drive prices higher, acting to push down incomes and lower economic growth.

“Although higher tariffs on US imported goods may affect our macroeconomy through many channels … I think they will primarily act as a negative supply shock, raising prices and decreasing economic activity,” Kugler said in a speech in Dublin, Ireland.

Kugler’s comments come even as the US and China have agreed to deescalate and slash tariff rates by 115 percentage points for 90 days as both sides discuss fairer trade between the two countries.