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Global stock markets extended gains following news of a trade agreement between the European Union and U.S. President Donald Trump. S&P 500 futures rose 0.5% after a record close on Friday, while European stock futures gained 1.1%.

President Trump told reporters during his tour of the Fed that there is “no tension” with Fed Chair Powell and that it is not necessary to fire him.

There are signs of renewed trade deal optimism. It was reported that the EU and the US are progressing towards an agreement that would set a 15% tariff for most imports, following the announcement of the US-Japan trade agreement yesterday.