European stocks are set to open higher on Monday following a volatile week for global markets as investors monitor escalations in the U.S.-China trade war.
The People's Bank of China set the official midpoint reference for its yuan currency at 7.0211 per dollar on Monday, exceeding the psychological barrier of 7 per dollar for the third consecutive session.
Trade talks are set to resume in Washington in early September after a new 10% tariff on an additional $300 billion worth of Chinese goods comes into effect on September 1. President Donald Trump told reporters on Friday that the U.S. is not ready to strike a trade deal with China just yet. Mainland Chinese and Hong Kong stocks rebounded into positive territory on Monday, though investor focus remains attuned to the trade war. Goldman Sachs said on Sunday that fears of a recession as a result of the trade war are increasing, and the Wall Street giant no longer expects a trade deal before the 2020 U.S. presidential election.
Back in Europe, Trump's national security advisor John Bolton arrived in London Sunday for talks where he is expected to urge Britain to take a tougher stance on Iran and Chinese telecommunications firm Huawei. Investors will also have an eye on political developments in Italy after Deputy Prime Minister Matteo Salvini's Lega party filed a no-confidence motion to bring down the government on Friday.
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