At 0637 GMT, the Eurostoxx 50 futures was up 1% while trade-sensitive DAX futures was up 1.5%, with both contracts hitting their highest level since August previous year. Frankfurt's DAX .GDAXI rallied 1.5%, the most among the major European indexes trading higher.
The Dow and the S&P 500 could close at record highs on Monday, as investors breathe a sigh of relief and global stocks rally following the trade developments over the weekend.
President Donald Trump and China's Xi Jinping agreed to shelve new import tariffs and continue trade talks.
The breakthrough in trade talks helped the STOXX 600 index start the second half of the year on a strong note, after posting its biggest first half yearly gains since 1998 on Friday.
The blue-chip Swiss index .SSMI gained 0.7% despite stocks being blocked from trading on European Union exchanges after talks to resolve a dispute between Brussels and Switzerland collapsed.
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"Any step towards a trade resolution, and it doesn't have to be a lot of progress - just a step, is viewed very positively by markets", said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
With the G20 out of the way, focus in this holiday-shortened week returns to a heavy load of United States economic data, including updates on the manufacturing and services industry, second-quarter auto sales and the jobs report for June. Co., Ltd. (T:) added 8.62% or 387.5 points to end at 4882.5 and TDK Corp (T:) was up 6.95% or 580.0 points to 8920.0 in late trade. Shares of volatile favourites - Microsoft Corp, Alphabet Inc, and Amazon.com Inc also helped boost the tech-heavy index. Meanwhile, safe haven assets are losing ground on the ebbing risk aversion, with Gold falling below the psychological $1400 level, while the Japanese Yen weakened by some 0.3 percent to go back above the 108 level versus the Greenback.
A rise in oil prices lifted energy stocks.SPNY by about 1%.
OPEC enforced cut in oil output in early 2019 to arrest the free fall of prices over weakening demand from the falling economic growth and soaring US production.
Advancing issues outnumbered decliners by a 3.25-to-one ratio on the NYSE and by a 2.36-to-1 ratio on the Nasdaq.