The United States and China agreed to pause the escalation of tariffs imposed on each other for 90 days, with Washington reducing tariffs on China to 30% and Beijing lowering its fees on American imports to 10%, according to a rare joint statement issued by the two countries following high-level trade talks over the weekend.

- A new monthly reading of consumer prices in the United States will be at the forefront of the economic calendar this week, which could shed some light on the impact of recent trade tensions.

- Shares of pharmaceutical companies fell after Trump announced plans to sign an executive order aimed at reducing the prices of prescription drugs in the United States by between 30% and 80%.

- Oil prices rose as the announcement of the trade agreement between China and the United States raised hopes that the world's two largest crude oil users might be moving toward a resolution of their dispute.