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(Sharecast News) - European shares hit record highs at the open on Monday on hopes the US and China would secure a trade deal.
The pan-regional Stoxx 600 index was up 0.03% in early deals, reaching 577.26, before settling back to 575.90 at 0831 GMT.
US officials expect Beijing to postpone export controls on rare earths, following trade talks in Malaysia over the weekend. Treasury secretary Scott Bessent said on Sunday US and Chinese officials had drawn up a "very substantial framework" for a trade deal.
"Global markets are kicking off the week in upbeat fashion as geopolitics takes centre stage, with trade optimism giving investors something to cheer about," said Hargreaves Lansdown analyst Matt Britzman.
In equity news, HSBC shares fell as the bank announced it would take a $1.1bn impairment charge in its third-quarter results after losing an appeal in a long-running lawsuit in Luxembourg related to Bernard Madoff's multibillion-dollar Ponzi scheme.
Reporting by Frank Prenesti for Sharecast.com
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