Wall Street opened higher.
The S&P 500 gained 95 points, or 1.78%, to 5,458 at the opening. The Dow Jones rose by 511 points, or 1.27%, to 40,723. The Nasdaq added 399 points, or 2.39%, to 17,123.
UN Calls on Trump to Exempt Poorest Countries from 'Reciprocal' Tariffs
The UN Conference on Trade and Development (UNCTAD) is calling on Donald Trump to exempt the world's poorest and smallest countries from "reciprocal" tariffs, or risk "serious economic harm."
In a report published on Monday, UNCTAD identified 28 nations the US president singled out for higher tariff rates than the 10% baseline, despite each accounting for less than 0.1% of the US trade deficit. These include Laos, expected to face a 48% tariff; Mauritius, at 40%; and Myanmar, facing a 45% tariff, despite recovering from a devastating earthquake.
The White House's announcement of punitive tariff rates this month surprised many developing countries.
European Commission Issues Burner Phones to US-Bound Staff – FT
The European Commission is reportedly providing burner phones and basic laptops to some staff traveling to the US to mitigate espionage risks, a measure typically reserved for trips to China.
Commissioners and senior officials traveling to the IMF and World Bank spring meetings next week have been given this new guidance, according to a report in the Financial Times.
The measures mirror those used on trips to Ukraine and China, where standard IT equipment cannot be brought into the countries due to concerns about Russian or Chinese surveillance.
"They are worried about the US gaining access to Commission systems," a source stated.
Stock Markets Stage Recovery
Following substantial selling last week, European stock markets have experienced a recovery, with nearly all major indices rising by more than 2%.
The exemption for smartphones, laptops, and other electronic devices from US tariffs on Chinese imports, announced Friday, has boosted market sentiment. However, US officials have stated that the exclusion may be temporary.
- UK's FTSE 100 index rose 151 points, or 1.9%, to 8,115
- Germany's Dax rose 559 points, or 2.75%, to 20,936
- France's CAC rose 176 points, or 2.5%, to 7,281
- Italy's FTSE MIB rose 922 points, or 2.7%, to 34,951
US stocks are anticipated to rally when Wall Street opens, with S&P 500 futures rising by 2.1% in pre-market trading. Last week's closing value was 5,363.
The US dollar has recovered slightly but remains 0.2% lower against a basket of major currencies. It is down 0.4% against sterling.
Gold declined 1.2% to $3,196 an ounce as tariff fears eased. Earlier, it reached a new high amid a surge in demand for safe-haven assets.
Brent and US crude oil prices both advanced 1.1%, to $65.44 and $62.15 a barrel respectively. Oil prices benefited from easing tariff concerns and Chinese data showing a sharp rebound in crude imports in March. Concerns about the US-China trade war potentially weakening global growth and impacting demand tempered the gains.
OPEC cut its 2025 global oil demand growth forecast for the first time since December, partly due to the impact of US trade tariffs. The forecast for this year is 1.3 million barrels per day, and 1.28 million barrels per day next year. Both forecasts are down 150,000 barrels per day from the previous month's figures.
Updated at 2.31pm BST
