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European stocks and US futures rose on Monday after Donald Trump appeared to take a more conciliatory tone towards China, saying that the US “wants to help China, not hurt it!!!”
In a post on Truth Social on Sunday, Trump wrote: “Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
Trump’s post came after the US president on Friday had threatened to impose additional 100 per cent tariffs on China and suggested he could cancel a planned summit with President Xi Jinping later this month.
The threat from Trump, which came in response to a package of export controls on rare earths that Beijing unveiled last week, sent the S&P 500 down 2.7 per cent on Friday, its steepest one-day drop since early April.
Early on Monday, futures tracking the S&P 500 rose 1.6 per cent, clawing back some of Friday’s drop. Futures tracking the tech-heavy Nasdaq 100 were up 2.2 per cent.
In Europe, the Stoxx Europe 600 index rose 0.6 per cent in early trading, with France’s Cac 40 up 0.9 per cent and Germany’s Dax rising 0.8 per cent. The FTSE 100 was up 0.3 per cent.
